The EUR/JPY cross has been able to maintain the bullish bias it started
on June 15. Price tested the demand zone at 123.50, and then was able to go
above the demand zone at 124.50. This has revealed a bullish intent, and price
could go further upwards. However, the upwards movement may not be so serious
because of a possibility of a smooth bearish run before the end of the week.
EUR/USD: The bias on the
EUR/USD has become neutral because price did not do anything significant last
week. There was generally a movement between the support line at 1.1100 and the
resistance line at 1.1250. There must be a movement above the aforementioned
resistance line or below the support line. A movement above the resistance line
is the most likely for this week.
USD/CHF: This pair remains
essentially a bear market. The bearish signal that started in May 2017 is still
in place, and further bearish movement is anticipated, especially when the
EUR/USD goes upwards. The targets for this week are located at the support
levels at 0.9650 and 0.9600.
GBP/USD: This weak currency
trading instrument went downwards in the first few trading days of last week,
to test the accumulation territory at 1.2600, before bouncing upwards to close
above the accumulation territory at 1.2700 on Friday. That upwards bounce could
end up becoming a good opportunity to go short, because the market could turn
downwards to test the accumulation territories at 1.2700, 1.2650 and 1.2600
this week (these are the targets, since those accumulation territories were
also previously tested last week). The outlook on GBP pairs remains bearish for
the week.
USD/JPY: This pair has become
neutral, because price could not continue going upwards to sustain the
generation of the bullish signal, which took place on June 15. In fact, price
simply went sideways last week, preparing to break out upwards or downwards
(downwards is more probable, because the outlook on JPY pair remains bearish
for this week).
EUR/JPY: The EUR/JPY cross has
been able to maintain the bullish bias it started on June 15. Price tested the
demand zone at 123.50, and then was able to go above the demand zone at 124.50.
This has revealed a bullish intent, and price could go further upwards.
However, the upwards movement may not be so serious because of a possibility of
a smooth bearish run before the end of the week.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
No comments:
Post a Comment