EUR/USD: This pair was trading sideways on Wednesday,
without any directional movement. The price would either break above the
resistance lines at 1.1250 and 1.1300; or break below the support lines at
1.1100 and 1.1050. A break above the aforementioned resistance lines is more
market is bullish, for the price has gone upwards in a slow and
steady manner, against all odds. The EMA 11 is above the EMA 56 and the Williams’
% Range period 20 is not far from the overbought region. This shows a bullish
outlook in a slightly volatile market. The price has already reached the
resistance level at 0.9800. With more effort,
the resistance level would be overcome. On the other hand, a surge of strength
in the EUR/USD might send USD/CHF southwords.
GBP/USD: Following the bullish attempts, which took
place on Monday and Tuesday, the cable consolidated on Wednesday. The
consolidation should be finished soon, and when a breakout takes place, it would most
probably favor bulls, taking the price above the distribution territory at
USD/JPY: From the demand level of 119.00, USD/JPY rallied by 200 pips, reaching the supply level at 121.00. From that level, there has been a minor bearish correction, which cannot threaten the recent bullish bias unless the price goes below the demand level of 119.00 again. Some
fundamentals are expected today and they can have an impact on the
EUR/JPY: The EUR/JPY cross has moved 200
pips up so far this week that is a serious threat to the bearish outlook on the market.
Any movement above the 135.50 would mean the end of the bearish outlook. There would have been a Bullish Confirmation Pattern in the chart.
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