The EUR/USD has become
neutral in the short-term. May 2016 was mostly bearish, and the bullish
breakout that was witnessed on June 3 overturned that bearish bias. However,
bulls were unable to push the price further north last week, for the bullish
movement was halted at the resistance line of 1.1400, which was followed by a
150-pip bearish correction. For the bias to turn completely bearish, the price
must go below the support line at 1.1150. Otherwise we shall witness a rally
that could restore the recent bullish outlook.
EUR/USD: The
EUR/USD has become neutral in the short-term. May 2016 was mostly bearish, and
the bullish breakout that was witnessed on June 3 overturned that bearish bias.
However, bulls were unable to push the price further north last week, for the
bullish movement was halted at the resistance line of 1.1400, which was
followed by a 150-pip bearish correction. For the bias to turn completely
bearish, the price must go below the support line at 1.1150. Otherwise we shall
witness a rally that could restore the recent bullish outlook.
USD/CHF: The USD/CHF is in a
bearish mode. The price dropped by 180 pips last week, going briefly below the
support level at 0.9600, before closing above it. There is a Bearish
Confirmation Pattern in the chart, and the price is expected to continue moving
lower and lower, reaching the support levels at 0.9600, 0.9550 and 0.9500.
GBP/USD: From Monday to Tuesday,
The Cable went upwards by 250 pips, testing the distribution territory at
1.4700, before nose-diving by 400 pips in the last 3 trading days of the week.
It was mentioned that serious volatility would be witnessed on GBP pairs this month
– the catalyst being Brexit/Bremain issues. There would be great trading opportunities
here.
USD/JPY: This pair simply went
flat last week. The bullish effort that was made on Monday was not significant
enough to cause any threat to the bears. The outlook on JPY pair is bearish for
this week: and the USD/JPY is no exception. Therefore, the bears might target
the demand levels at 106.00 and 105.50.
EUR/JPY: The
bullish effort that was seen on June 6 and 7 was merely an opportunity to go
long in the context of a downtrend. The price started coming down after that,
testing the demand zone at 120.00. The demand zone could be retested again – it
could even be broken to the downside.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
QUANTUM BINARY SIGNALS
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