The EUR/USD made some bullish effort last week, but further rally
was rejected when the resistance line at 1.1850 was tested. Since then, price
has gone down by 100 pips, now almost below the support line at 1.1750. Further
bearish movement is expected this week as price goes towards another support
line at 1.1700.
EUR/USD: The EUR/USD made some bullish
effort last week, but further rally was rejected when the resistance line at
1.1850 was tested. Since then, price has gone down by 100 pips, now almost
below the support line at 1.1750. Further bearish movement is expected this
week as price goes towards another support line at 1.1700.
USD/CHF: This pair is bearish in the short-term,
but neutral in the long-term. The only factor that would help push the market
upwards is continuous weakness in the EUR/USD. Another factor that would help
is the fact that, the Greenback is expected to be strong this month, and that
is already visible in some pairs.
GBP/USD: This
market is consolidating at best, and there is no directional, perpetual
movement at the present. Last week, the market reached the distribution
territory at 1.3450 and the accumulation territory at 1.3300. Either of these
boundaries would be breached this week, as price assumes a directional
movement.
USD/JPY: There
is a Bearish Confirmation Pattern in the short-term (on the USD/JPY). Price
consolidated on Monday and Tuesday and then dropped 150 pips, to test the
demand level at 112.00. There has been an upward bounce since then, but the
market would come down again to test that demands level, and possibly breach it
to the downside.
EUR/JPY: This currency cross is quite choppy and
without any direction on the higher time horizon. This kind of directionless
scenario has been going on for more than two months and it seems to just be the
beginning, unless there is a 300-pip movement to the upside or to the downside,
which would result in a directional bias.
Performed by Azeez Mustapha,
Analytical expert
InstaForex Companies Group
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