The EUR/JPY made a noteworthy effort to rally in the context
of a downtrend, but the overall bias remains bearish. Only a movement above the
supply zone at 135.00 can render this bias invalid. Otherwise, further
southerly journey is expected this week.
EUR/USD: This
pair moved upwards last week and later consolidated till the end of the week.
However, the overall bias is bearish. On Friday, January 29, 2015, the price
closed at 1.1285, in a context of the downtrend. Only a movement above the
resistance line at 1.1450 could render the bearish outlook invalid, for the
EUR/USD has remained consistently bearish for a long period of time.
USD/CHF: As
forecasted, the USD/CHF has moved upwards in a slow and steady manner and this
upwards movement is supposed to continue this week, allowing further upwards
movement in the market.
GBP/USD: Last
week was characterized by a serious contest between the bulls and the bears,
with each side winning temporarily. Towards the end of the week, the bears
flexed their muscles strongly and ended up pushing the price lower. There is a
now a ‘sell’ signal in this market.
USD/JPY: There
was no much activity in this market last week, save occasional short-term
upswings and downswings in the market. This week, it is either the supply level
at 119.00 is breached to the upside or the demand level at 117.00 is breached
to the downside.
EUR/JPY: The EUR/JPY made a noteworthy effort to rally
in the context of a downtrend, but the overall bias remains bearish. Only a
movement above the supply zone at 135.00 can render this bias invalid.
Otherwise, further southerly journey is expected this week.
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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