EUR/USD: The EUR/USD pair has now become a bull market in
the near-term. The price went upwards last week, testing the resistance line at
1.1200. The price could go above the resistance line this week as it is going
towards another resistance lines at 1.1250 and 1.1300. These are the targets
for the week as the Bullish Confirmation Pattern in the market is clear.
this pair went down last week, closing at 0.9758, the recent bullish outlook
has not been invalidated. What can invalidate the bullish outlook is an event
in which the price closes below the support level at 0.9650. But in case that
does not happen, this week can see some commendable bullish attempts,
especially if the USD tries to amass lots of stamina.
GBP/USD: The bullish effort of the cable has led to a
bullish signal on it. However, there is
one obstacle to be surmounted – the distribution territory at 1.5650. This
distribution territory has flatly rejected sincere bullish efforts for the recent several weeks, and the price needs to close above it if the current
bullish signal would continue to make sense. Otherwise, there could be a
bearish correction this week.
USD/JPY: The Big Picture on this currency trading
instrument shows that there is no dominant trend in the market. Upswings and
downswings are often short-lived and sustained trending moves are rather rare.
This market is, nevertheless, great for scalpers and intraday speculators. This
week, it is expected that the price would either go above the supply level at
125.50 or below the demand level at 123.50. Should this happen, that would mean
a strong bullish or bearish outlook.
EUR/JPY: The EUR/JPY cross experienced a significant
rally last week, rising from the demand zone at 136.00 and moving somewhat
above the supply zone at 138.50. A further rally may be witnessed this week
unless the yen gains too much strength for the euro, which is a possibility.
The material has been provided by InstaForex Company – www.instaforex.com