EUR/USD: After a period of tight consolidating, which
took place for the first few trading days of the week, this currency trading instrument
broke downwards, plunging nicely by 270 pips before the current shallow bounce upwards. The outlook for the market is bearish, and this could potentially
continue next week.
pair has moved by 200 pips upwards this week ending the recent bearish outlook. As it was rightly forecasted, any weakness in EUR/USD would
enable this pair to skyrocket and this is exactly what is happening. The
resistance level at 0.9750 is about to be attained as it could be breached to
GBP/USD: The bullish bias on the cable is under
jeopardy, for the price has been corrected downwards. The price still performing a kind of
consolidation. When a breakout does occur, it is more likely that it would be headed to
the upside since the outlook for the GBP/USD pair is bullish (which might probably hold
true for the rest of the month). If the cable move below the accumulation
territory of 1.5300, the bullish outlook would be useless.
USD/JPY: This cross now has a Bullish
Confirmation Pattern on it. The EMA 11 is above the EMA 56 and the RSI period
14 is above the level of 50. The price, which started moving northward last week, has
continued moving northwards this week. It is almost testing the supply level at
121.00. It could simply
be an opportunity to go long again.
EUR/JPY: The EUR/JPY (and most other EUR pairs) has gone bearish. This cross first made some bullish attempt from Monday till Wednesday, moving above the supply zone of 136.00. Since then, the price has plunged by at least 260 pips, testing the demand zone of 135.50. There is now a bearish signal in the market, and the price could go further south.
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