The cross went upwards by 200 pips this week, reached the supply zone at 130.00, before the current bearish correction (almost 180 pips from the high of the week). Another 100 pips to the downside can result in a “sell” signal, while a rally from here would enable bulls to resume pushing price upwards.
The EMA 11 is still above the EMA 56, but the RSI period 14 has crossed the level 50 to the downside. Further downwards movement will result in a bearish bias, and a movement to the upside (from here) will save the recent bullish bias on the market.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/JPY
The cross went upwards by 200 pips this week, reached the supply zone at 130.00, before the current bearish correction (almost 180 pips from the high of the week). Another 100 pips to the downside can result in a “sell” signal, while a rally from here would enable bulls to resume pushing price upwards.
The EMA 11 is still above the EMA 56, but the RSI period 14 has crossed the level 50 to the downside. Further downwards movement will result in a bearish bias, and a movement to the upside (from here) will save the recent bullish bias on the market.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: