EUR/USD: After testing
the support line at 1.2400, this market trended upwards. There is still a
Bearish Confirmation Pattern in the market, which can only be rendered invalid
when the price goes above the resistance line at 1.2600. Otherwise, the price may go
further downwards from here.
testing the resistance level at 0.9700, this market trended downwards by more
than 60 pips. There is still a Bullish Confirmation Pattern in the market, which
can only be rendered invalid when the price goes below the support level at 0.9550.
Otherwise, the price may go further upwards from here.
GBP/USD: This is a bearish market – irrespective of the bullish
effort in it. The only thing that can make the bullish effort to render the
bearish outlook useless is a situation in which the price goes above the
distribution territory at 1.5800. That is the point where it would be clear
that short trades are not sensible.
pair remains in a bullish market and it is supposed to continue going further
upwards. The nearest target for bulls is at the supply level at 119.00,
which could be reached this week. With enough strength in the market, the price can
even go beyond that supply level.
EUR/JPY: There is a rally on EUR/JPY after the price
touched the demand zone at 145.50. The price has moved upward by 150 pips since
then, and further move may enable this cross to recover the loss it incurred
around the end of last week. There is now a bullish target at the supply zone
of 149.00, which was touched last week.
The material has been provided by InstaForex Company – www.instaforex.com