This pair has moved by 200 pips upwards this week ending the recent bearish outlook. As it was rightly forecasted, any weakness in EUR/USD would enable this pair to skyrocket and this is exactly what is happening. The resistance level at 0.9750 is about to be attained as it could be breached to the upside.
The bullish bias on the cable is under jeopardy, for the price has been corrected downwards. The price still performing a kind of consolidation. When a breakout does occur, it is more likely that it would be headed to the upside since the outlook for the GBP/USD pair is bullish (which might probably hold true for the rest of the month). If the cable move below the accumulation territory of 1.5300, the bullish outlook would be useless.
This cross now has a Bullish Confirmation Pattern on it. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level of 50. The price, which started moving northward last week, has continued moving northwards this week. It is almost testing the supply level at 121.00. It could simply be an opportunity to go long again.
The EUR/JPY (and most other EUR pairs) has gone bearish. This cross first made some bullish attempt from Monday till Wednesday, moving above the supply zone of 136.00. Since then, the price has plunged by at least 260 pips, testing the demand zone of 135.50. There is now a bearish signal in the market, and the price could go further south.
The EUR/JPY (and most other EUR pairs) has gone bearish. This cross first made some bullish attempt from Monday till Wednesday, moving above the supply zone of 136.00. Since then, the price has plunged by at least 260 pips, testing the demand zone of 135.50. There is now a bearish signal in the market, and the price could go further south.
The EUR/USD pair is in a strong bearish mode now having fallen by 350 pips last week. The bias is bearish, and the price is supposed to go further south this week. But the price needs to break the psychological support line at 1.1000 to the downside. While this might look like a hard job for bears, it is attainable.
A movement in the USD/CHF is largely dictated by movements in EUR/USD. Therefore strength was transferred indirectly by weakness in the latter. From the support level of 0.9500, the price moved by 300 pips upwards. Now it is very close to the resistance level of 0.9800. In case the price goes above that resistance level (which is very much likely), the next target for bulls would be another resistance level at 0.9900.
The cable was unable to make any meaningful rally last week because bulls met a stubborn impediment at the distribution territory of 1.5500. In fact, the price simply went down last week resulting a "sell" signal in the market. The price needs to go further down, so that the "sell" signal could be valid. The cable might be under selling pressure as long as the EUR/USD pair is weak enough. They are both positively correlated.
The USD/JPY pair nicely trended upwards last week ending the recent protracted equilibrium phase in the market. Since October 15, 2015, the price has moved upwards by roughly 350 pips almost reaching the supply level of 121.50. This week, we anticipate a further northward movement, which may enable the price to reach the resistance levels of 122.00 and 122.50.
Due to sudden weakness in the EUR, the EUR/JPY cross rapidly fell in the last few days previouse week. There is now a Bearish Confirmation Pattern in the market, which would most probably continue as long as the EUR is weak. The only factor that can reverse this is a situation is which the YEN becomes weaker than the EUR.
