The situation is still the same. The market is currently a market in which short-term traders and scalpers thrive. Short-term swings took place in the market as the price oscillates between the supply level at 124.00 and demand level at 122.00. There is a need for a breakout above the aforementioned supply level or demand level before there could be a strong directional movement.
The EUR/JPY pair is in a bearish trend today. Following Monday's rally in the context of a downtrend, the market has been coming down gradually. The demand zone at 133.50 has been tested and it is lukely be tested again. It could even be breached to the downside.
The EUR/USD pair has vigorously tested the support line at 1.0950 before the current upwards bounce. The price gained over 140 pips. Nevertheless, the bias cannot turn bullish as long as the price is below the resistance line at 1.1200.
This pair has been able to maintain its bullish stance, though momentum is thinning out. When momentum in the market increases (as that is inevitable), bulls might challenge the resistance level at 0.9500. That resistance level has been tested several times this week. It must be broken to the upside, so that the buying pressure can continue.
This is a weak market, and it might break below the accumulation territories at 1.5300 and 1.5250. There is a clear Bullish Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. More selling pressure is expected.
As expected, the USD/JPY pair broke below the supply levels at 122.00, 121.50, and 121.00. The demand level at 120.50 has already been tested, and it could be breached to the downside because this is the beginning of a strong southward movement. In addition, some fundamental figures are expected to be unveiled today, and they would have an impact on the market.
The market is bearish now. According to the recent price action, it looks wise to sell on rallies in the context of a downtrend. The price has dropped by over 600 pips over the past few weeks, and further drop is expected. This outlook also works for most JPY pairs.
After testing the resistance level of 0.9500 several times, the USD/CHF pair turned out to be unable to break it to the upside. For the bullish trend to continue in the market, the resistance level must be broken to the upside. Otherwise, there is a possibility of downward reversal.
After testing the resistance level at 0.9500, the USD/CHF pair was unable to break it to the upside. For the bullish trend to continue in the market, the resistance level must be broken to the upside. Otherwise, there is a possibility of downward reversal.
The market is bearish � with a Bearish Confirmation Pattern in the chart. The accumulation territory at 1.5350, which was previously battered, has come under siege again. If it gets broken to the downside, the next target for bears will be the accumulation territory at 1.5300.
