The EUR/USD went down by
220 pips last week, closing below the resistance line at 1.1000. There is a
strong Bearish Confirmation Pattern in the 4-hour chart, which means further
bearish movement is expected this week, and that could take price towards the
support lines at 1.0950 and 1.0000. However, it is unlikely that the great
support line at 1.0000 would be breached.
EUR/USD: The
EUR/USD went down by 220 pips last week, closing below the resistance line at
1.1000. There is a strong Bearish Confirmation Pattern in the 4-hour chart,
which means further bearish movement is expected this week, and that could take
price towards the support lines at 1.0950 and 1.0000. However, it is unlikely
that the great support line at 1.0000 would be breached.
USD/CHF: Just as it was
predicted last week, this pair trended upwards 125 pips, testing the resistance
level at 0.9900. It should be noted that bulls have repeatedly failed to go
above the resistance level. However, due to the extant buying pressure in the
market, the resistance level might be breached to the upside, and price may not
go significantly upwards following that.
GBP/USD: This currency trading
instrument remains bearish, both in long-term and short-term outlook. There is
a huge Bearish Confirmation Pattern in the market, and any bullish effort should
be taken as sell-shorting opportunities. Price is currently consolidating, but
a breakout is imminent this week or next.
USD/JPY: There is still a
bullish signal in his market, and there is a Bullish Confirmation Pattern in
the chart. As long as price is above the demand level at 101.50, the bullish
signal would be valid. Bulls might be able to target the supply levels 105.00
and 105.50 this week.
EUR/JPY: It
is better to stay away from this market right now, because there is no
directional movement (except one is trading on a very low timeframe, going for
quick gains). A close look at the market shows the possibility of price going
further south this week, due to the weakness of EUR.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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