The sudden weakness on the
EUR/USD on Friday has resulted in a very strong bearish bias. The pair may be
weak for the rest of this month, as the EUR continues to be battered. The price
closed below the resistance line at 1.2400, and the next target may be the
support line at 1.2350.
EUR/USD: The sudden weakness on the EUR/USD on Friday has resulted
in a very strong bearish bias. The pair may be weak for the rest of this month,
as the EUR continues to be battered. The price closed below the resistance line
at 1.2400, and the next target may be the support line at 1.2350.
USD/CHF: The sudden strength on the USD/CHF on Friday has resulted
in a very strong bullish bias. The pair may be strong for the rest of this
month, as the USD continues to be uplifted. The price closed above the support
level at 0.9650, and the next target may be the resistance level at
0.9750.
GBP/USD: Generally, the bias
on the Cable is bearish. It is very much likely that the price would hit the
accumulation territory at 1.5600, but it is unlikely that the price would break
that territory to the downside. After the price tests that accumulation
territory, there could be a rally in the market.
USD/JPY: This currency trading instrument trended strongly last
week, but there is now a mild pullback in the context of an uptrend. This
proffers a good opportunity to buy, for the bullish bias may still continue
till December 2014.
EUR/JPY: This market trended
strongly last week, but after testing the supply zone at 149.00, there was a
significant correction – a downward move of close to 300 pips from that supply
zone. The downward move was augmented by the weakness in the EUR itself. One
needs to note that the overall outlook is still upwards and the price may trend
upwards from here.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
Learn
from the Generals of the Markets: http://www.amazon.co.uk/Learn-Generals-Market-Azeez-Mustapha/dp/1908756314
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