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EUR/USD: This currency trading instrument has become bearish again as a result of the sudden stamina in the USD. From the resistance line at 1.2850, the price has gone lower towards the resistance line at 1.2650. That shows a fall of almost 200 pips. Even the resistance line at 1.2650 has been breached to the downside. The Williams’ % Range period 20 has gone into the oversold territory, and the EMA 11 has crossed the EMA 56 to the downside, while the price is below them. There is now a confirmed bearish bias in the market, plus there is a clear possibility that the price may reach the support line at 1.2600.
USD/CHF: The strength in the USD has come back again, and it is strong enough to drive a pair like the USD/CHF upwards, resulting in a Bullish Confirmation Pattern in the chart. Short trades on this pair are no longer logical, for the price may reach the resistance level at 0.9600 this week.
GBP/USD: The Cable is also weak, just like its EUR/USD counterpart. The drop has been significant enough to make the RSI period 14 go below the level 50, giving a partial indication to go short. Should the price go below the accumulation territory at 1.6000, a short trade would become logical.
USD/JPY: This market has been trying hard to maintain its effort against the bears. However, there is a need for the price to go above supply level at 107.50 before it could be said that the outlook in the market is bullish.
EUR/JPY: The EUR/JPY remains bearish; as it has turned out that the recent rally in the market is a short-selling opportunity. The price could reach the demand zone at 134.50.
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