like the Cable, this pair is making some effort to go bullish. It would not be
said that the market is bullish unless price goes above the resistance line at
1.2600, which remains the target on condition that bulls succeed in
pushing price upwards. There are support lines at 1.2450 and 1.2400.
market would normally go in the opposite direction to EUR/USD. A movement below
the support level at 0.9550 would mean the end of the bullish bias – as a new
bearish bias begins. Moreover, some fundamental figures are expected today and
they may have impact on the markets.
GBP/USD: The Cable is making serious effort to go
bullish and this has resulted in a new bullish outlook in the market. The
distribution territory at 1.5800 is now under siege and with more exertion of
bullish strength; the distribution territory could be breached to the upside,
as price goes towards another distribution territory at 1.5850.
currency trading instrument is still bullish in outlook, though price has been
trending sideways lately. The Bullish Conformation Pattern in the chart is
still extant and when price breaks out, it would be to the upside, which may
cause the market to test the supply level at 119.00.
EUR/JPY: The cross is still strong and further
northward journey is expected. Price is above the EMA 11 which itself is above
the EMA 56. The RSI period 14 is above the level 50, and this shows that the
only logical thing to do in this market is to seek long trades .
The material has been provided by InstaForex Company – www.instaforex.com