EUR/USD: This week, the EUR/USD pair fell by 200 pips, testing the support line at 1.1100. This was followed by an upward bounce. The bounce made the price test the resistance line at 1.1200 (a rally of 100 pips in the context of a downtrend). The downtrend is still valid until the resistance line at 1.1300 is breached to the upside. Some fundamental figures are expected
today and they could have an impact on the market.
currency trading instrument continues going upwards without any major bearish
correction. An upward movement is slow and steady, and the price is now at the
resistance level of 0.9800, which is a formidable barrier. The chart calls for
a stronger buying pressure in order to break this resistance level to the
GBP/USD: This week alone, the cable dropped by about 300 pips; ramming into the accumulation territory of 1.5250. There is
now a Bullish Confirmation Pattern in the chart. The EMA 11 is below the EMA 56
and the RSI period 14 is below the level of 50. This shows that there is much more
room for the bearish trend to go, though we expect occasional visible
efforts from bulls.
USD/JPY: The current equilibrium phase is not yet over
in this market. 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 levels.
EUR/JPY: Just like the EUR/USD pair,
this cross is also a bear market in spite of the current rally in the context
of a downtrend. Only a movement above the supply level at 136.00 could render
the bearish outlook invalid.
The material has been provided by InstaForex Company – www.instaforex.com