EUR/USD: The EUR/USD dropped by
280 pips last week, closing below the resistance line at 1.0850. The next
targets for the bears are located around the support lines at 1.0800 and
1.0750. The recalcitrant resistance lines at 1.0950 and 1.0900 were
successfully broken by the bears and thus, they might resist any rally attempts
this week.
USD/CHF: As long as the EUR/USD
goes down, this pair must go up. The pair moved upward by over 200 pips last
week, closing above the support level at 0.9600. A break of the support level
at 0.9500 (which was formerly a resistance level) was a major achievement for
the bulls. Until the EUR or the CHF gains a lot of stamina, this pair would
continue going up.
GBP/USD: This currency trading instrument rallied last
week, but further rally was halted at the distribution territory at 1.5650. For
the bullish bias to continue to be valid, the distribution territory must be
breached to the upside: otherwise there could be a risk of a strong bearish
correction this week.
USD/JPY: A few weeks ago, this market began to rally
from the demand level at 120.50. It rallied by over 350 pips, going slightly
above the demand level at 124.00. With further buying pressure, the supply level
at 124.50 would be breached this week.
EUR/JPY: This cross first consolidated last week, but
it then broke downwards on Thursday, trending lower and lower gradually. On
Friday, the price closed below the supply zone at 134.50; and since there is a
strong Bearish Confirmation Pattern in the chart, it is assumed that the
journey to the south would continue, especially as long as the EUR is weak.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
No comments:
Post a Comment