The outlook for this currency trading instrument remains unchanged until the condition mentioned here is fulfilled. Owing to the ongoing struggle between bull and bear, the currency trading instrument has become quite choppy because there is no a strong directional movement yet. This week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be fulfilled before the consolidation phase in the market is over.
This pair is now making some bullish attempts as the price stays above the support line at 1.1250. The most probable expected direction is bullish (as the reality shows), and we can see further bullish attempts here. There could be another 100-pip movement today or next week, which would make the price go above the resistance line at 1.1350, targeting another resistance line at 1.1400.
There is a vivid Bearish Confirmation Pattern in this market, as it comes under pressure. The bearish outlook is currently valid. The EMA 11 is below the EMA 56 and the Williams % Range period 20 is moving into the oversold territory again, signifying a measure of weakness in the market.
The GBP/USD pair performed a nice bullish movement this week, an effort that could continue next week. The distribution territory at 1.5350 was tested with intent to break it to the upside. With further buying pressure in the market, the distribution territory would be eventually overcome.
The outlook for this currency trading instrument remains unchanged until the condition mentioned here is fulfilled. Owing to the ongoing struggle between bulls and bears, the currency trading instrument has become quite choppy because there is not yet a strong directional movement. By the next week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be fulfilled before it can be said that the consolidation phase in the market is over.
The recent "buy" signal that was generated on the EUR/JPY pair remains in place. In the context of an uptrend, the price has not moved that much. Today or next week would reveal the next direction in the market, because the situation is dicey right now. A serious breakout is expected and it would happen soon.
The EUR/USD pair seems to end a few weeks of high volatility with no clear direction, having gone upwards last week. In order to sustain this new bullish direction, the price needs to continue its upwards journey, reaching the resistance lines at 1.1400 and 1.1450. There are support lines at 1.1250 and 1.1200, which may not be tested as long as the bullish direction holds.
It was once noted that the direction of the USD/CHF pair would largely be determined by the direction of the EUR/USD pair. Since the latter has gone upwards, the former has gone downwards. The former (USD/CHF) has started a bearish movement, which would hold out as long as the latter (EUR/USD) is strong.
The GBP/USD pare made a nice bullish movement last week, which resulted in a Bullish Confirmation Pattern in the market. This outlook for GBP pairs is bullish this week, and we may see a continuation of the current bullish journey, taking the price towards the distribution territories at 1.5400 and 1.5500.
This market remains in an equilibrium phase, not going above the supply level at 121.00 nor going below the demand level of 119.00. There must be a journey above the supply level or below the demand level before it can be said that the equilibrium phase is over (which is something that will happen this week or next week). When a breakout does occur, it would probably be directed northwards, for there is an expectation of bullishness on JPY pairs
