The EUR/JPY first went
upwards last Monday (February 15, 2016). On the following day, the market
started dropping gradually from the high of the day, reaching the demand zone
at 125.00 on Friday. This was a movement of 300 pips; plus the chances of the
EUR/JPY going upwards are very slim, unless the Yen loses strength in a
significant mode. The market could thus reach the demand zones at 124.50 and
124.00 this week.
EUR/USD: The
EUR/USD moved lower on Monday and then consolidated throughout last week. A
closer look at the market shows that the ongoing consolidation is to the
downside. Since the EMA 11 is below the EMA 56 and the Williams’ % Range period
20 is not far from the oversold region, it could be deduced that the current
consolidation to the downside is a threat to the recent bullish outlook, which
could invalidate it as soon as the price goes below the support line at
1.1000.
USD/CHF: This pair moved upwards
by 200 pips last week, reaching the resistance level at 0.9950 and meeting a
great opposition there. Since there is a new Bullish Confirmation Pattern in
the chart, further northward movement is possible this week, which would reinforce
the extant Bullish Confirmation Pattern.
GBP/USD: The Cable dropped by
250 pips last week and later met a stubborn opposition at the accumulation
territory of 1.4250, which has resisted further southward movement in spite of
attacks into it. The bears must do all they can to break that accumulation
territory to the downside; otherwise the noteworthy rally we saw on last Friday,
February 19, 2016, could end up being a threat to the bearish bias on the
market.
USD/JPY: Here, what happened on
Monday, February 15, 2016 was just an upward bounce in the context of an
uptrend. The market has moved south gradually since then, dropping by 220 pips
and thus reinforcing the extant bearish bias in the market. The demand levels
at 111.50 and 111.00 could be tried this week.
EUR/JPY: The EUR/JPY first went
upwards last Monday (February 15, 2016). On the following day, the market
started dropping gradually from the high of the day, reaching the demand zone
at 125.00 on Friday. This was a movement of 300 pips; plus the chances of the
EUR/JPY going upwards are very slim, unless the Yen loses strength in a
significant mode. The market could thus reach the demand zones at 124.50 and
124.00 this week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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