EUR/USD: In spite of the consolidation to the downside,
there is a (threatened) Bullish Confirmation Pattern in the chart, which may be
rendered ineffectual in case the support line at 1.1150 is violated. On the
other hand, we may see bulls making further bullish attempts.
pair is still in a consolidation mode. There would be a breakout to the upside
or to the downside today, pushing the price above the resistance level at
0.9800 or below the support level at 0.9600. When a breakout does occur, it
would probably favor bears. Nevertheless, a strong trend is needed
for this to happen.
GBP/USD: The cable moved yesterday downwards slightly going below the distribution territory around 1.5350. The price might go above the distribution territory again or test the accumulation territory of 1.5300. Only a movement below the accumulation territory at 1.5200 could trigger a new bearish signal.
USD/JPY: This pair moved largely sideways on Tuesday. A breakout could take place any day this week, which would make the price go
above the supply level at 121.00 or below the demand level at 119.00. By then,
there would have been a directional movement in the market.
EUR/JPY: After testing the demand
zone at 135.00, the EUR/JPY pair bounced
upward. Bears are still fighting for supremacy on the cross. Bulls would need to prevent bears from pushing the price below the
demand zone at 134.00; otherwise the outlook would turn bearish.
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