EUR/USD: This pair
is weak. Following Monday's rally in the context of a downtrend, the market has been coming down gradually. The support line at 1.0950
had been battered before the price bounced upwards. With further weakness in
the market, the support line would be battered again and get broken.
this currency trading instrument would go in the opposite direction to the
EUR/USD. Therefore, the instrument will maintain its bullish outlook as long as
the EUR/USD pair is weak.
the initial bullish attempt on the cable, the price has gone south by roughly
200 pips. There is a clean Bullish Confirmation Pattern in the chart now: the
EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. More
selling pressure is expected.
situation is still the same.
The market is currently a market in which short-term traders and scalpers
thrive. Short-term swings took place in the market as the price
oscillates between the supply level at 124.00 and demand level at 122.00.
There is a need for a breakout above the aforementioned supply level or demand
level before there could be a strong directional movement.
EUR/JPY: The EUR/JPY pair is in a bearish trend today. Following Monday's rally in the context of a downtrend, the market has been coming down gradually. The demand zone at 133.50 has been tested and it is lukely be tested again. It could even be breached to the downside.
The material has been provided by InstaForex Company – www.instaforex.com