The EUR/USD moved slightly upwards last week, testing the resistance line
at 1.0800 many times, without being able to close above it on Friday. Price may
eventually go above the resistance line at 1.0800, but there may not be
protracted bullish movement after that, because there are high chances of EUR
pairs getting weak this week.
EUR/USD: The EUR/USD moved
slightly upwards last week, testing the resistance line at 1.0800 many times,
without being able to close above it on Friday. Price may eventually go above
the resistance line at 1.0800, but there may not be protracted bullish movement
after that, because there are high chances of EUR pairs getting weak this week.
USD/CHF: The USD/CHF moved
downwards last week, testing the support level at 0.9900 many times, without
being able to close below it on Friday. Price may eventually go below the
resistance level at 0.9900 but there may not be protracted bearish movement
after that (especially when the EUR/USD loses stamina). Price is already below
the great psychological level at 1.0000, and may face some challenge in going
above it, although expected weakness in CHF may help stabilize the market.
GBP/USD: Last week, this
currency trading instrument went upwards, reaching the distribution territory
at 1.2500. There is a lot of activity around that distribution territory, which
would soon be breached to the upside, as price goes towards another
distribution territories at 1.2550 and 1.2600. The outlook on GBP pairs is
bullish this week, and the GBP/USD is no exception.
USD/JPY: Last week, price dropped by 150 pips. The
USD/JPY has been trending downwards since March 10, 2017, having gone down more
than 430 pips since then, and now it is active around the demand level at
111.00. Another demand zone at 110.50 and 110.00 could be tested within the
next few trading days before there is reversal in the market.
EUR/JPY: There is a clear
Bearish Confirmation Pattern on this cross, which moved downwards last week,
testing the demand zone at 119.50. Once the demand zone is breached to the
downside, price would move towards another demand zones at 119.00 and 118.50.
However, the southwards movement may be far from holding out because there
could be a rally on other JPY pairs before the end of March. The EUR/JPY would
also be no exception.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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