The EUR/JPY has shown its inability to trade higher than the
supply zone at 143.00, in spite of testing it several times last week. Should
the price then fall below the demand zone at 142.00, it could mean the
beginning of a new bearish trend.
EUR/USD: After moving sideways for most of last week,
this pair was able to break out upwards, thus rendering the recent bearish bias
almost invalid. The bearish bias is not yet completely invalid. What would make
it invalid is a situation in which the pair trades above the resistance line at
1.3700, which would have led to a clean bullish bias by then.
USD/CHF: After moving sideways for most of last week,
this pair was able to break out downwards, thus rendering the recent bullish
bias almost invalid. The bullish bias is not yet completely invalid. What would
make it invalid is a situation in which the pair trades below the support level
at 0.9000, which would have led to a clean bearish bias by then.
GBP/USD: Interestingly the Cable and the EUR/USD seem
to be going into a positive correlation with each other. This means that both
are making attempts to go northward. The Bullish Confirmation Pattern on the
Cable has been existing since last week. The price should be able to close
above the distribution territory at 1.6500 this week.
USD/JPY: This
currency trading instrument closed at 104.15 on Friday, after forming another
bearish signal. I think it is better to begin to look for ways to sell rallies
in this market, for the recent bullish signals on it have been showing signs of
failure. The price has not been able to trade above the supply level of 105.50.
EUR/JPY: The
EUR/JPY has shown its inability to trade higher than the supply zone at 143.00,
in spite of testing it several times last week. Should the price then fall
below the demand zone at 142.00, it could mean the beginning of a new bearish
trend. This view is supported by the Bearish Confirmation Pattern in the chart.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Eye-opening trading lessons: http://www.harriman-house.com/experttraders
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