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Monday, February 27, 2017

Daily analysis of major pairs for February 27, 2017

The EUR/JPY dived by over 180 pips last week, closing below the supply zone at 118.50 on Friday. There is a clean Bullish Confirmation Pattern in the 4-hour chart, and further dive is possible this week, which may take price towards the demand zones at 118.00, 117.50 and 116.50.

EUR/USD: The EUR/USD is in a short-term downtrend, though price made some weak bullish attempts on Thursday and Friday. The outlook on the market is bearish, and so, the recent bullish attempt happened in the context of a downtrend, which is a good opportunity to go short at better prices.



USD/CHF: The USD/CHF, which is in a short-term uptrend, pulled back Friday. The pullback could end up being a good opportunity to buy long at a better price. The market could still reach the support levels at 1.0100 and 1.0150 within the next several trading days.

GBP/USD: The bias on the Cable is essentially flat. The market has consolidated for about three week, oscillating between the accumulation territory at 1.2300 and the distribution territory at 1.2600. Price must go above that distribution territory or below the accumulation territory before the current neutral bias can be considered as over. There is going to be an end to the neutrality before the end of March.

USD/JPY: This pair moved sideways last week, and then trended downwards on Thursday and Friday, which has generated a “sell” signal in the market. The outlook is neutral in the medium-term and bearish in the short-term. Price is supposed to trend further downwards, but that does not rule out a possibility of a strong bullish breakout (which may also occur on other JPY pairs).

EUR/JPY: The EUR/JPY dived by over 180 pips last week, closing below the supply zone at 118.50 on Friday. There is a clean Bullish Confirmation Pattern in the 4-hour chart, and further dive is possible this week, which may take price towards the demand zones at 118.00, 117.50 and 116.50.

Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group


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