EUR/USD: The EUR/USD is in a bearish mode, but the market is quite volatile now. The price has reached a high of 1.1300 and a potential low of 1.1130. The EMA 11 is below the EMA 56 while the Williams' % Range period 20 is just moving out of the oversold region. The likelihood of the market going south is thus greater than the likelihood of it going north.
USD/CHF: This market has moved only sideways from Monday till now – all in the context of a downtrend. This pair is quiet choppy right now, but it is essentially in an equilibrium phase. There is a need for the price to move upwards or downwards by over 300 pips before a directional bias can emerge.
GBP/USD: The GBP/USD has fluctuated wildly this week but stays in the context of a downtrend. There is still a Bearish Confirmation Pattern on the 4-hour chart, which shows that bears remain in control in spite of bulls' desperation. For bears to prove their mettle, they need to push the price below the accumulation territory at 1.4000.
USD/JPY: This currency has moved downwards by 300 pips this week, emphasizing the existing bearish signal in the market. The price is currently making attempt to trend sideways, but further directional movement is anticipated. The demand level at 103.50 would likely be tested today or next week – a target for bears before there could be any reversal.
EUR/JPY: The EUR/JPY dropped by more than 400 pips this week, reaching the demand zone at 115.50. That demand zone could be the low of this week unless the price breaches it to the downside. We may witness some bullish attempts today, but the bearish outlook on the market is still a valid thing. So the bearish trend could resume next week.
