The EUR/JPY went upwards last week, before being corrected on Friday. The
correction could unfold further, but it may not be significant enough to
threaten the extant bullish outlook on the market, which means the bearish
correction would end up giving opportunities to buy long at better prices.
EUR/USD: This pair went
upwards on September 18 and 19, went downwards on September 20, but it made
some bullish attempt again on September 21 and 22. Since there has been no
clear victory between bull and bear, the neutrality in the market remains. This
week, price would either go above the resistance line at 1.2050 (staying above
it); or price would go below the support line at 1.1850 staying below it. That
is what would create a directional bias.
USD/CHF: This market is bullish in the
short-term. Price consolidated in the first few days of last week, and then
rose upwards. Should price go further north this week a clean Bullish
Confirmation Pattern would be generated in the market. However, a bearish movement
from this point would lead to some neutrality.
GBP/USD: The GBP/USD consolidated throughout last
week – albeit in the context of an uptrend. There would be a breakout to the
upside this week, which would most probably be in favor of bulls, for the
outlook on GBP pairs is bullish for this week. The distribution territories at
1.3550, 1.3600 and 1.3650 would be tested before the end of the month.
USD/JPY: This currency trading instrument went
upwards last week and consolidated on Friday. The bias on the market is bullish
and further bullish movement is anticipated this week as price goes towards the
supply levels at 112.50, 113.00 and 113.50. The outlook on JPY pairs is bullish
for the week
EUR/JPY: The EUR/JPY went upwards last week,
before being corrected on Friday. The correction could unfold further, but it
may not be significant enough to threaten the extant bullish outlook on the
market, which means the bearish correction would end up giving opportunities to
buy long at better prices.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
GPS robot [10X increase of the deposit and investor access]
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