The outlook for the EUR/JPY pair is bearish - though bulls are making serious attempts to push it upwards. EUR/JPY first trended downwards last week, and then it bounced upwards. As long as the price is under the supply zone of 136.00, the outlook is bearish. So, one might not go long until the supply zone is breached to the upside.
On Monday, this pair made some heartwarming bullish effort, which is also observed in most other EUR pairs. The bullish effort that happened on Monday was not serious enough to override the extant bearish bias in the market. Nevertheless, any movement above the resistance line at 1.1300 would jeopardize the existing bearish outlook.
The USD/CHF pair performed a large pullback yesterday, but that was not enough to override the extant bullish outlook. Only a movement below the support level of 0.9650 could render the bullish outlook invalid; and for that to happen, a significant rally in the EUR/USD pair is needed.
The GBP/USD pair consolidated on Monday. There is a clear Bearish Confirmation Pattern in the market and the price could still continue its journey by at least 200 pips down this week. The accumulation territories at 1.5100 and 1.5000 are potential targets for bears.
This is a strong equilibrium market in which there is no clear uptrend or downtrend. It is better for swing and position traders to stay away from the market until there is a reliable breakout from the strong equilibrium phase; and this would require at least, a movement of 200 pips upwards or downwards. The market is OK right now for scalpers and intraday traders.
The outlook for EUR/JPY is bearish, though bulls are making a serious attempt to push it upwards. There is a need to move further upwards by at least 250 pips before the bearish outlook can become illogical. Until that happens, this is a bearish market.
This is a strong equilibrium market in which there is no clear uptrend or downtrend. It is better for swing and position traders to stay away from the market until there is a reliable breakout from the strong equilibrium phase; and this would require at least, a movement of 200 pips upwards or downwards. The market is OK right now for scalpers and intraday traders.
The outlook for EUR/JPY is bearish, though bulls are making a serious attempt to push it upwards. There is a need to move further upwards by at least 250 pips before the bearish outlook can become illogical. Until that happens, this is a bearish market.
This pair is performing some bullish attempts, which have now resulted in a Bullish Confirmation Pattern in the chart. The EMA 11 has crossed the EMA 56 to the upside, while the Williams' % Range period 20 is now in the overbought territory. This means there is rising momentum in the market, which could possibly favor bulls.
There is a "sell" signal on the USD/CHF chart, which would become even stronger when the support level of 0.9650 is broken to the upside. The new "sell" signal cannot be rendered invalid as long as the price stays below the resistance level of 0.9800. Normally, the movement of the EUR/USD pair would determine the fate of the USD/CHF pair.
