market also shows protracted efforts by bulls to push the price upwards, as
bearish pulls are being rejected. A movement above the resistance line at 1.2600
would mean the end of the bearish bias, leading to a Bullish Confirmation
Pattern in the market.
market reflects a long struggle between bulls and bears – with bears gaining upper hands. There is now a serious threat to the recent bullish outlook,
and it is no longer logical to seek long trades (in the face of the CHF gaining
strength). A movement below the support
level at 0.9550 would signal the end of the bullish outlook.
GBP/USD: This pair is still weak, and there is a good
chance that it may test the accumulation territory at 1.5600. That accumulation
territory was tested last week. With enough bearish continuation in the market,
the accumulation territory may be breached to the downside as the price reaches
for the new accumulation territory at 1.5550.
USD/JPY pair continues to go upwards in a slow and steady manner. This upwards
journey would continue as long as the Yen remains weak – something that has
helped most other JPY pairs to remain bullish. The next target for the bulls is
at the supply zone of 117.00.
EUR/JPY: The EUR/JPY continues its slow and steady
journey to the upside. The bullish bias would continue to hold as the EUR
continues to make effort to become strong and the JPY continues to be weak. The
next target to be reached is at the supply zone at 147.00, which would possibly
be reached this week.
The material has been provided by InstaForex Company – www.instaforex.com