EUR/USD: This pair has spiked upwards by over 500 pips this week, topping at 1.014, before retracing below the resistance line at 1.0800. Should the price cross the resistance line at 1.0800 upwards again, staying above it. It would lead to a bull market, which would keep on going upwards. This means that EUR is unlikely to reach parity with USD anytime soon.
USD/CHF: As we expected, a strong rally in the EUR/USD pair brought about a strong dip in the USD/CHF pair. This pair dipped by 400 pips and bounced upwards later . The movement of the EUR/USD pair will last for some time, determining the movement of the USD/CHF pair. Moreover, some fundamental figures are expected today and they will have an impact on the markets.
GBP/USD: This currency trading instrument also moved upwards in a positive correlation with EUR/USD. However, the recent bearish outlook has not been rendered useless, for the EMA 11 is still below the EMA 56. Only the RSI period 14 is above the level 50. Unless the price is able to stay above the accumulation territory at 1.5050, long positions would not be recommended.
USD/JPY: The USD/JPY pair dipped by over 200 pips yesterday. The price bounced upwards by another 120 pips. The price is hovering around the demand level at 120.50, though there is now a Bearish Confirmation Pattern on the chart. A movement above the supply level at 121.50 would put the bearish scenario in jeopardy.
EUR/JPY: This cross also rallied strongly yesterday, posing a serious threat to the recent bearish outlook. A movement above the supply level of 130.50 would signal a new lease of bullish journey.
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