market remains bearish despite the existing rally on it. The price is still
below the EMA 56 while the Williams’ Range period 20 is heading towards the
overbought area. Only a movement above the resistance line at 1.2550 can render
the near-term bearish outlook useless.
pair remains bullish irrespective of the current pullback in the market. There
is still a Bullish Confirmation Pattern in the chart, which may be considered
invalid when the price goes below the support level at 0.9600.
GBP/USD: So far this week, this currency trading instrument
has been making a serious bullish effort. From the accumulation territory at 1.5850,
the price has been going upwards, reaching the distribution territory at 1.5900
and breaking it to the upside. The price may also reach the distribution
territory at 1.5950, and break it to the upside, but as long as the price is
below the distribution territory at 1.6000, the bearish outlook would be
pair attempted to make another all-time high testing the supply level at 116.00
before the current shallow pullback. There is a possibility that the price may
continue to go further upwards, testing that supply level again, and possible
breaking it to the upside. Should this happen, the price may begin to target
another supply level at 116.50.
EUR/JPY: The EUR/JPY pair was able to test the supply zone
at 144.00, but failed to close above it. With continuous bullish effort, the
cross may succeed in breaking that supply zone to the upside, closing above it.
Should this become possible, the next target for the bulls would be the supply
zone at 144.50.
The material has been provided by InstaForex Company – www.instaforex.com