EUR/USD: For the most of the last week, this market
consolidated to the downside. There could be a breakout this week (most
probably in favor of bulls). Thus, the resistance lines at 1.1300 and
1.1400 could be reached. On the other hand, there are support lines at 1.1050
currency trading instrument went upwards by 150 pips last week, going into the
resistance level at 0.9750. This resistance level has become a big barrier that
must be overcome for the bullish journey to continue, though slowly and
steadily. There are some hindrances to the bullish expectation: a measure of
stamina in the EUR/USD pair could cause the USD/CHF pair to get corrected lower plus any
measure of stamina in the CHF could half further rally in USD/CHF.
GBP/USD: The cable plunged by 260 pips last week, closing below the distribution territory of 1.5200. The accumulation territory around 1.5100 could be tested this week, unless bulls push the price upwards above the distribution territories of 1.5300. This means that we would see some bullish effort this week.
USD/JPY: This currency trading instrument traded southwards last week, giving the way to a more vivid Bearish Confirmation Pattern in the
market. There is a possibility that the demand levels at 118.00 and 117.50
could be tested this week; though serious weakness in the yen could cause USD to be strengthened against the yen.
EUR/JPY: The EUR/JPY pair cross dived by 350 pips, causing
a directionally bearish bias on the market. There could be some attempts to
test the demand zones at 132.00 and 131.50 – albeit there could also be a
bullish breakout any day. This is the outlook for the week.
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