EUR/USD: This pair rallied on Monday and went
downwards on Tuesday. This means that the bullish effort, that was first made
this week, has been challenged. The bullish outlook, nevertheless, is still
rational, based on the price action in the chart. Further upwards journey is therefore
pair went upwards on Tuesday after plunging on Monday. That means that losses which we saw on Monday were recouped on Tuesday. However, the general bias remains
bearish: the EMA 11 is below the EMA 56 while the Williams % Range period 20 is
still at the oversold territory. It is possible that further southward movement
would be witnessed.
GBP/USD: A large pullback had taken place,
but it failed to violate the current bullish outlook on the market. The bullish outlook could be invalidated only if the price
goes below the accumulation territory at 1.5650. Otherwise, a short-term bullish recovery is anticipated.
USD/JPY: The USD/JPY pair moved largely sideways yesterday (in
a choppy mode). The bearish outlook is intact and it is not sensible to go long
in the market; unless the price goes above the supply level at 122.00. The
price is generally expected to continue going further downwards.
EUR/JPY: The EUR/JPY cross is now volatile and the bearish effort in the chart has led to a violation of the recent bullish bias. A test of the demand zone around 136.00 could result in a strong Bearish Confirmation Pattern on the chart.
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