EUR/USD: This is
a bullish market – the EMA 11 is above the EMA 56 and the Williams' % Range period
20 is heading to the overbought region now. This shows a Bullish Confirmation
Pattern in the chart and the price could go further upwards.
would need to stay out of this market until there is a clear directional
movement. A breakout above the resistance level at 0.9400 would generate a
buy signal; while a break below the support level at 0.9250 would intensify
the recent bearish bias.
GBP/USD: The cable is still in bullish mode and there is a possibility that the price would go further upwards. When the distribution territory at 1.5550 is breached to the upside, the next target for bulls would be another distribution territory at 1.5600. Some fundamental figures are expected today. They could influence the market.
USD/JPY: There is a clean sell signal on the USD/JPY chart now, as the price moves below the supply
level of 123.00. The next bearish target is located at the demand
levels at 122.00 and 121.50, which would be attained as selling pressures
intensify in the market. This expectation would be rational as
long as the supply level at 125.00 is not breached to the upside.
current price action on this cross is posing some threat to the dominant
bullish outlook now, but the outlook would hold out as long as the price is above
the demand zone at 137.50. Right now, the market is consolidating and there may
be a breakout today or next week.
The material has been provided by InstaForex Company – www.instaforex.com