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Yesterday, the EURUSD tested the resistance level at 1.3450, and was corrected downwards. However, the bullish trend is still in place.
EURUSD: Yesterday, the EURUSD tested the resistance level at 1.3450, and was corrected downwards. However, the bullish trend is still in place. The current pullback, as indicated by the Williams’ % Range period 20, signifies an opportunity to buy lower when the price is on sale and in the context of an uptrend.
USDCHF: Yesterday, the pair tested the support line at 0.9150, as suggested in the last forecast. There has been an upward bounce since this happened. This upward bounce is an excellent opportunity to sell short as the price rallies in the context of a downtrend. Therefore, it is much likely that the support line at 0.9150 would be tested again.
GBPUSD: Here, the ultimate target for this week is the distribution territory at 1.5700, which may even be breached to the upside. The momentum in the market has decreased but the Bullish Confirmation Pattern on the chart remains valid ever (as confirmed by the position of the indicators).
USDJPY: This market has been turbulent lately, but with the ‘sell’ signal still in place, it may be possible for the price to resume its downward propensity when it starts going down with increased momentum. What would end up giving a clear victory to the bear is a situation in which the price trades below the demand level of 97.00.
EURJPY: This cross is in a bullish mode, no matter the intensity of the volatility on it. The more likely future movement is towards the north. Since the supply zone at 131.00 has been tested a few times this week, and the price still shows the determination to favor the bull, it may end up trading above the supply zone at 131.00.
Source: www.instaforex.com
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