The EUR/JPY trended downwards last week, owing to the
weakness in the EUR. The price tested the demand zone at 133.50 and further
bearish movement was rejected around that place. There is now a faint bullish
effort in the market and the supply zones at 135.00 and 135.50 can be attained
this week. The outlook on this cross is bullish for the week.
EUR/USD: This
market plummeted by around 180 pips last week, challenging the support line at
1.1200. This week, we would watch another support line at 1.1100 – though there
is a probability that the market could rally any day in the week.
USD/CHF: In
contrast to what the EUR/USD was doing, this pair moved downwards. (Although
its movement was not as significant as the movement on the EUR/USD), the
USD/CHF price rose upwards from the support level at 0.9450, almost reaching
the resistance level at 0.9550. While the resistance level may be breached to
the upside, the possibility of a bearish correction cannot also be overlooked.
GBP/USD: The Cable went upwards and later went
downwards last week, but the general outlook on the market is still upbeat. On
Friday, February 27, 2015, the price closed at 1.5436, while hovering above the
accumulation territory at 1.5400. There is a risk of that accumulation
territory being breached to the downside.
USD/JPY: Owing to the perceived strength in the USD,
this currency trading instrument made a weak effort to go upwards last. Unless
the price crosses the supply level at 120.00 to the upside, it would be assumed
that this market is still consolidating. One would need to keep one’s fingers
crossed until a serious momentum returns to the market. One thing is almost
certain: the possibility that the USD/JPY would go upwards is very high.
EUR/JPY: The EUR/JPY trended downwards last week,
owing to the weakness in the EUR. The price tested the demand zone at 133.50
and further bearish movement was rejected around that place. There is now a
faint bullish effort in the market and the supply zones at 135.00 and 135.50
can be attained this week. The outlook on this cross is bullish for the
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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