Daily analysis of major pairs for February 19, 2014
February 19, 2014 7:55 am
EUR/USD: This pair is now trading above the support line at 1.3750. The price could go further upwards, but a possibility of a pullback cannot be ruled out. When there is a pullback, it would be temporary (giving another great long opportunity). The price could thus reach the resistance line at 1.3800.
USD/CHF: This pair is now trading below the resistance level at 0.8900. The price could go further downwards, but a possibility of a rally cannot be ruled out. When there is a rally, it would be temporary (giving another great shorting opportunity). The price could thus reach the support level at 0.8850.
GBP/USD: The Bullish Confirmation Pattern on this currency trading instrument is still far from being over. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. Further northward move was rejected at the distribution territory at 1.6800, but the price could still go back to test that distribution territory; even breaching it to the upside (which is a possibility).
USD/JPY: In spite of the current pullback on the USD/JPY, the bullish signal on it is not yet invalid. The demand level at 102.00 is acting as a near-term barrier to bearish threats. Unless the price crosses the demand level at 102.00 to the downside, the price would assume a renewed bullish effort.
EUR/JPY: Here, the bias remains bullish and the market would resume its northward journey when it leaves the current negligible consolidation phase. Then the market would be able to breach the supply zone at 141.00, going more northward.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD: This
pair is now trading above the support line at 1.3750. The price could go
further upwards, but a possibility of a pullback cannot be ruled out. When
there is a pullback, it would be temporary (giving another great long
opportunity). The price could thus reach the resistance line at 1.3800.
USD/CHF: This pair is now trading below the resistance
level at 0.8900. The price could go further downwards, but a possibility of a
rally cannot be ruled out. When there is a rally, it would be temporary (giving
another great shorting opportunity). The price could thus reach the support
level at 0.8850.
GBP/USD: The Bullish Confirmation Pattern on this
currency trading instrument is still far from being over. The EMA 11 is above
the EMA 56 and the RSI period 14 is above the level 50. Further northward move
was rejected at the distribution territory at 1.6800, but the price could still
go back to test that distribution territory; even breaching it to the upside
(which is a possibility).
USD/JPY: In spite
of the current pullback on the USD/JPY, the bullish signal on it is not yet
invalid. The demand level at 102.00 is acting as a near-term barrier to bearish
threats. Unless the price crosses the demand level at 102.00 to the downside,
the price would assume a renewed bullish effort.
EUR/JPY: Here,
the bias remains bullish and the market would resume its northward journey when
it leaves the current negligible consolidation phase. Then the market would be
able to breach the supply zone at 141.00, going more northward.
The material has been provided by InstaForex Company – www.instaforex.com
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