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Sunday, February 15, 2015

Daily analysis of major pairs for February 16, 2015

The EUR/USD has been making commendable effort to go upward in the context of a downward bias. This effort has enabled the price to close above the support line at 1.1350 and a movement above the resistance line at 1.1500 would result in a clean Bullish Confirmation Pattern in the market. The outlook on the EUR/USD for this week is bullish.

EUR/USD: The EUR/USD has been making commendable effort to go upward in the context of a downward bias. This effort has enabled the price to close above the support line at 1.1350 and a movement above the resistance line at 1.1500 would result in a clean Bullish Confirmation Pattern in the market. The outlook on the EUR/USD for this week is bullish.


USD/CHF: Although the outlook on this pair is bullish and the price is supposed to be going upwards, there is now a high probability that there could be some short-term or protracted pullbacks in the market. One thing is sure, the possible pullbacks would not be permanent and the price could continue its upward journey after that (even if it would be a consolidation to the upside).

GBP/USD: This currency trading instrument trended upwards last week, testing the distribution territory at 1.5400. That distribution territory is currently being battered and it would be breached to the upside as the price continues its northward journey.

USD/JPY:  This pair rose by 200 pips last week and later fell by another 200 pips. From the demand level at 118.50, the price almost reached the supply level at 120.50, after which the gains made by the bulls were forfeited. The bullish bias on the pair, however, still remains logical.

EUR/JPY:  This cross closed at 135.34 on Friday, February 13, 2015. The cross is trying to go further upwards and a movement above the supply zone at 136.50 would result in the invalidation of the recent bearish outlook plus a new ‘buy’s signal.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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