EUR/USD: This pair is performing some bullish attempts,
which have now resulted in a Bullish Confirmation Pattern in the chart. The EMA
11 has crossed the EMA 56 to the upside, while the Williams’ % Range period 20
is now in the overbought territory. This means there is rising momentum in
the market, which could possibly favor bulls.
is a “sell” signal on the USD/CHF chart, which would become even stronger when the
support level of 0.9650 is broken to the upside. The new “sell” signal cannot
be rendered invalid as long as the price stays below the resistance level of 0.9800. Normally, the movement of the EUR/USD pair would determine the fate of the
GBP/USD: The GBP/USD pair consolidated on Tuesday. There is
a clean Bearish Confirmation Pattern in the market, and the price could still
continue its journey by at least 200 pips down this week. The
accumulation territories around 1.5100 and 1.5000 act as potential targets for bears.
USD/JPY: This is a strong equilibrium market with no clear uptrend or downtrend in it. It is better for swing and position
traders to stay away from the market until a reliable breakout from
the strong equilibrium phase takes place; this would require a movement of
at least 200 pips upwards or downwards. Right now, the market is OK for scalpers and
EUR/JPY: There was no directional movement in the EUR/JPY chart yesterday, and the same thing is true of most other majors. The price is consolidating, while the overall bias remains bearish. There could be a breakout today or tomorrow, which would most probably favor bears.
The material has been provided by InstaForex Company – www.instaforex.com