EUR/USD: The EUR/USD has continued its bullish journey this week, and it is currently testing the resistance line at 1.1850. The resistance line would soon be breached to the upside, owing to the Bullish Confirmation Pattern in the 4-hour chart, and the price would then target another resistance line at 1.1900.


sideways on Monday and Tuesday, while the bullish signal that was generated
last week is still intact. As long as CHF is weak, the bullish signal in the
market would be sustained. While the resistance level at 0.9700 could be tested
once again, the market would go seriously south in case CHF gains stamina.


GBP/USD: The movement on the Cable is almost
similar to the movement on the EUR/USD (they are both positively correlated). The
market has gone upwards this week, moving above the accumulation territory at
1.3200 and targeting the distribution territory at 1.3250. As long as the
EUR/USD is strong, the Cable may also manage to go north.


USD/JPY: This currency trading
instrument tested the demand level at 110.00 and then bounced upwards. The
upward bounce is shallow and it may signal another bearish effort. The bias on
this market is bearish and the EMA 11 is below the EMA 56. Further downwards
movement is anticipated, which would enable price to go below the demand level
at 110.00 (which has been previously tested).


EUR/JPY: This cross has gone above the demand zone at 130.50 and 131.00. This action has ended the recent neutrality on the market, and there is now a Bullish Confirmation Pattern in the chart. The next targets for bulls are located at the supply zones at 131.50 and 132.00. However, there is also a risk of a pullback along the way.


The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

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