EUR/USD: The EUR/USD has continued its bearish journey
started on Friday. From the resistance line at 1.1450, the price has gone 250 pips down. The price is now below the resistance line at 1.1200, going
towards the support line at 1.1150. This bearish movement resulted in a Bearish
Confirmation Pattern in the market.
pair has made another faint attempt to continue the bullish journey it started
on Friday. From the support level at 0.9550, the price has gone upwards by, at
least, 170 pips. This upwards movement is not yet strong enough to lead to any
serious outlook, unless the price goes above the resistance level at 0.9800.
Only a serious plunge in the EUR/USD and a great stamina in the USD could make
the USD/CHF pair go above the resistance level of 0.9800. Until that happens, one
might consider staying away from this market.
GBP/USD: Since testing the distribution territory of 1.5650, the cable has been coming down gradually, though the bullish outlook is still valid. Any movement below the accumulation territory around 1.5400 could lead to a fresh bearish bias. Until that happens, the bias is bullish.
USD/JPY: In this market, the current equilibrium phase is not over yet. This week, the price might go above the supply level at 121.50
or below the demand level at 119.00. Until that happens, this would remain an equilibrium
market, with the price swinging between the aforementioned support and resistance
EUR/JPY: This cross has also
continued journeying southwards started on Friday. There is a confirmed bearish signal in the market now, which could continue to be valid
unless the EUR gains loads of strength and the yen eases a little.
The material has been provided by InstaForex Company – www.instaforex.com