EUR/USD: There is now an unambiguous bullish signal on
this pair, since positive news from the Eurozone has fuelled the pair. Today or
tomorrow, it is possible for bulls to attain the resistance lines at 1.1100
and 1.1150. There are support lines at 1.0950 and 1.0900, which should obstruct
bearish attempts along the way.
is intriguing to see that both USD/CHF and EUR/USD are trying to go
upwards at the same time. According to their nature, the two pairs ought to go
in opposite directions. The resistance level at 0.9900 is now being tested. Unless the USD loses stamina, the resistance level would be breached to the
GBP/USD: Although the cable moved upwards strongly
before the current sideways movement, the upwards attempt has not rendered the
recent bearish outlook completely invalid. The distribution territory at 1.5600
is being tested repeatedly. In case it is breached to the upside, the price
could go towards another distribution territory at 1.5650. Should this happen,
it would lead to a new bullish signal.
USD/JPY: Interestingly, the USD/JPY pair is also moving
upwards, but not as strongly as the EUR/JPY pair. The price has moved above the EMA
56 and the RSI period 14 is above the level 50. The demand level at 125.00 has
already been overcome, the next target for bulls is the supply level at
EUR/JPY: The EUR/JPY pair has moved upwards by over 200
pips this week. The price is currently trading above the demand zone at 138.00,
targeting the supply zone at 139.00. There is now a strong Bullish Confirmation
Pattern on the chart. Unless the yen gains a significant amount of stamina, the
cross would continue moving upwards.
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