Weekly Trading Forecasts on Major Pairs by analyst75

[⭐ analyst75]

Weekly Trading Forecasts on Major Pairs (February 13 - 17, 2017)

 

 

Here’s the market outlook for the week:

 

 

EURUSD

Dominant bias: Bearish

This pair trended downwards last week, going below the resistance line at 1.0650. The movement so far this month is essentially bearish and there is a possibility that further bearish movement would continue to hold out, as the support lines at 1.0600, 1.0550 and 1.0500 are targeted this week. There is a need for price to go above the resistance line at 1.0800 before the current outlook can be rendered invalid.

 

 

USDCHF

Dominant bias: Bearish

USDCHF is bearish in the medium-term, and bullish in the short-term. In the short-term, price has moved from the support level at 0.9900, towards the resistance level at 1.0050. This has already generated a short-term bullish signal, and a movement above another resistance level at 1.0150 would result in a Bullish Confirmation Pattern in the market. It is important to note that price has succeeded in breaching the great level at 1.0000 to the upside, making more bullish movement very likely.   

 

 

GBPUSD

Dominant bias: Neutral

GBPUSD is currently in an equilibrium phase – having moved generally sideways last week (though price was volatile on February 7). While the market could remain in the equilibrium phase, there is going to be a serious breakout this week or next, which would most probably favor bears. The outlook on GBP pairs for this month remains bearish and heavy selling pressure could start anytime.   

 

 

USDJPY

Dominant bias: Bearish

The bullish expectation for JPY pairs did not materialize last week, save a weak rally that was seen on Thursday. The bias on the market is still bearish, and price could attempt to test the demand levels at 112.50 and 112.00. On the other hand, the bullish expectation on JPY pairs are still in place: JPY pairs could assume strong rallies any day this week or next; with USDJPY being caught in a strong buying pressure.

 

 

EURJPY

Dominant bias: Bearish  

From Monday to Wednesday, this cross pair went down 180 pips, testing the demand zone at 119.50. Price has been making some negligible bullish attempt since then, rallying by 170 pips and getting corrected lower on Friday. This kind of alternative but transient victories between the bull and the bear would continue until there is a protracted, directional movement, which is expected to be in favor of the bull. Short trades are may not be held onto for too long.

 

 

This forecast is concluded with the quote below:

 

 

“By the way, the absolute best trading opportunities these days are in Forex.” – Dr. Van K. Tharp

 

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts on Major Pairs (February 20 - 24, 2017)

 

 

Here’s the market outlook for the week:

 

 

EURUSD

Dominant bias: Bearish

From Monday to Wednesday, this pair went downwards, moving below briefly below the support line at 1.0550. Price then rallied above the resistance line at 1.0650, before getting corrected lower on Friday. The outlook on the market is bearish, and further bearish movement is expected this week, as price targets the support lines at 1.0550 (which was tested last week), 1.0500 and 1.0450.  

 

 

USDCHF

Dominant bias: Bearish

Oddly enough, the current outlook on USDCHF is bearish, just like the outlook on EURUSD. One of the reasons behind this is occasional bouts of stamina in CHF, which sometimes put checks on USDCHF bullish ambitions. The market level at 1.0000 has now become insignificant, since price just goes above and below it at will. For example, price went below it on February 16, only to go above it on February 17. Only a very strong bearish plunge on EURUSD would help push USDCHF upwards considerably.

 

 

GBPUSD

Dominant bias: Neutral

GBPUSD has been moving sideways for at least, two weeks. The market did nothing noteworthy last week. This directionless movement would soon end, and a strong momentum would rise, pushing price in a clear direction. A closer look at the market shows that bears’ hands are currently stronger than bulls’ hands, and following the ongoing impasse, price could plunge southwards. The outlook on GBP pairs remains bearish.

 

 

USDJPY

Dominant bias: Bearish

In the context of a downtrend, price moved upwards from February 9 – 15, and then began to pull back from that day. On February 17, price closed below the demand level at 113.000, leading to a Bearish Confirmation Pattern in the market. The targets for this week are the demand levels at 112.50, 112.00 and 111.50. This, however, does not rule out a possibility of a strong rally before the end of the month.  

 

 

EURJPY

Dominant bias: Bearish  

This cross is bearish in the long-term and neutral in the short-term. The market consolidated from Monday to Friday and then started moving downwards as it plunged by over 120 pips that day. This is in agreement with the southward movement that was started in the beginning of this month; plus further southward movement is possible. On the other hand, a possibility of a serious rally still remains… on JPY pairs.

 

 

This forecast is concluded with the quote below:

 

 

“For some traders, commitment to success is not optional but mandatory.” – Joe Ross

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (February 27 – March 2, 2017)

 

 

Here’s the market outlook for the week:

 

 

EURUSD

Dominant bias: Bearish

This pair went south last week, testing the support line at 1.0500, and then bouncing upwards on Thursday and Friday. The upwards bounce would turn out to be a good selling opportunity because price is expected to trend further downwards this week, reaching the support line at 1.0500 again and breaking it to the downside. The outlook on EURUSD (as well as other EUR pairs) is strongly bearish for this week and the month of March.   

 

 

USDCHF

Dominant bias: Bullish

There is a weak bullish signal on USDCHF. The signal is weak because price has moved upwards only by about 200 pips in the whole of February. There was an upwards movement last week, which pushed price briefly above the resistance level at 1.0100, before the correction that was witnessed in the last two trading days of the week. There is still a tendency for price to continue going upwards, as long as EURUSD journeys southwards.

 

 

GBPUSD

Dominant bias: Neutral

For at least, three weeks, Cable has been moving sideways, hence the neutral bias on the market. Price has only oscillated between the accumulation territory at 1.2350 and the distribution territory at 1.2600. There is a need for price to go above that distribution territory, staying above it; or below that accumulation territory, staying below it, before the neutral bias can be considered as being over. Until this happens, the bias would remain neutral. There is a possibility that GBP pairs would go considerably bearish in March, though they would make some attempt to rally around the end of that month.

 

 

USDJPY

Dominant bias: Neutral

This trading instrument is neutral in the medium-term and bearish in the short-term. Price consolidated last week, and then trended downwards on Thursday and Friday. This is an action that has led to a Bearish Confirmation Pattern in the short-term, which may enable price to reach the demand levels at 111.50 and 111.000. This does not rule out a possibility of a rally, since some serious bullish effort is expected on most JPY pairs in March.  

 

 

EURJPY

Dominant bias: Bearish  

There is a strong bearish signal on this cross, which has moved downwards by 350 pips so far this month. The market went southwards 150 pips this week, closing below the supply zone at 118.50. The demand zones at 118.00 and 117.50 could also be tested this week. On the other hand, a serious weakness in Yen may cause price to jump upwards, which is something that would possibly happen in the March.

 

 

This forecast is concluded with the quote below:

 

 

“A good plan will include a well-tested strategy, a trading method, or a setup. Having a positive expectation should allow you to have the confidence to start trading your plan.” – Andy Jordan

 

 

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (March 6 - 10, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bearish

EURUSD went downwards last week, tested the support line at 1.0500, and then rallied significantly on Friday.  Actually, the Friday rally might end up being a good opportunity to sell short at better prices (unless the resistance line at 1.0700 is breached to the upside, which would result in bullish signal). This week, price could test the support lines at 1.0450, 1.0400 and 1.0350; for the outlook on EURUSD is bearish.

 

USDCHF

Dominant bias: Bullish

There is still a weak bullish outlook on this pair, though it is currently showing some weakness. Price is now above the support level at 1.0050, and as long as EURUSD continues going downwards, USDCH would continue trudging upwards, possibly reaching the resistance levels at 1.0100 (which was actually tested and breached temporarily last week), 1.0150 and 1.0200. On the other hand, a movement below the support level at 1.0000 would result in a bearish outlook.  

 

GBPUSD

Dominant bias: Bearish

GBPUSD dropped 200 pips last week, briefly moving below the accumulation territory at 1.2250, before bouncing upwards from there. The upward bounce is something that is supposed to be transitory, for the outlook on the market is bearish for this week. The targets to be possibly reached are located at the accumulation territories at 1.2250, 1.2200 and 1.2150. Some other GBP pairs like GBPNZD and GBPAUD might also be seen going bearish this week.

 

USDJPY

Dominant bias: Bullish

There is a bullish bias on this trading instrument, but this is nothing yet over-the-top. Price went upwards from the demand level at 112.00, reaching the supply level at 114.50 (a northwards movement of 250 pips). Since there is some kind of weakness in JPY, it is possible that the supply levels at 115.00, 115.50 and 116.00 would be attained this week. Should that happen, the bullish bias would simply become stronger.

 

EURJPY

Dominant bias: Bullish  

This cross went north by 270 pips last week. Price rose from the demand zone at 118.50, and closing above the demand zone at 121.00 on March 3. There is a strong Bullish Confirmation Pattern in the market. Since the outlook on JPY pairs is bullish for this week, it is anticipated that this EURJPY would continue going upwards, reaching the supply zones at 121.50, 122.00 and 122.50 before the end of this week.

 

This forecast is concluded with the quote below:

 “Traders, by their very nature, are optimistic risk takers. We believe we can make money. We say ‘Yes’ to risk. We say ‘Yes’ to learning about how to trade effectively. We say ‘Yes’ to a brighter future for ourselves and our family.” – Louise Bedford

 

Source: www.tallinex.com

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (March 27 – 31, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

EURUSD managed to hold out its bullishness last week, in spite of the current short-tern consolidation in the market. Price reached the resistance line at 1.0800 and moved sideways till Friday. Many unsuccessful attempts were made to overcome the resistance line at 1.0800, but price could not stay above it. This week, that resistance line could possibly be overcome as another resistance line at 1.0800 is possibly targeted. However, there is also a strong possibility of weakness in the market; unless USD continues to be weak versus EUR.

 

USDCHF

Dominant bias: Bearish

Price dropped 70 pips last week, testing the support level at 0.9900. Attempts to breach that support level have not been successful, but that could happen this week, as selling pressure continues in the market. Since price has already gone below the psychological level at 1.0000, it would not be easy for it to go above that level again. There are potential targets at the support levels of 0.9850 and 0.9800 this week, which could be reached as long as USDCHF continues its weakness.

 

GBPUSD

Dominant bias: Bullish  

GBPUSD went upwards last week, reaching the distribution territory at 1.2500; and then consolidating till the end of the week. There is a strong Bullish Confirmation Pattern in the market, and the outlook on GBP pairs continues to be bullish, and further bullish movement is expected on GBPUSD this week. The pair would go upwards by a minimum of 150 pips, testing the distribution territories at 1.2550, 1.2600 and 1.2650.

.

USDJPY

Dominant bias: Bearish

This pair dropped 160 pips last week. Since March 10, price has dropped 430 pips, leading to a strong bearish bias on the market, which would continue as long as USDJPY is weak. The demand level at 111.00 was tested several times last week, but price managed to close above it. This week, further southwards movement would happen, once the demand level at 111.00 is breached to the downside. However, there is an indication of probable rallies on JPY pairs before the end of the month, which would also affect USDJPY.

 

EURJPY

Dominant bias: Bearish   

Last week, there was some downwards movement on this cross, which dropped 180 pips to test the demand zone at 119.50. Since March 13, price has dropped 310 pips. There is currently a “sell” signal in the market, which may enable the demand zones at 119.00 and 118.50 to be reached. On the other hand, there could be a rally in the market before the end of the month. This is also expected on other JPY pairs.  

 

This forecast is concluded with the quote below:

 

“It is critical to develop a well thought out and organized trading plan. It is then important to have the discipline needed to follow it… Trading should bring fulfillment of your business and personal goals.” – Andy Jordan

 

Source: www.tallinex.com

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (April 3 - 7, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bearish

This pair went upwards early last week, tested the resistance line at 1.0900 and then nosedived by almost 250 pips. Price is now very close to the support line at 1.0650, which would be breached to the downside as price goes towards another support lines at 1.0600 and 1.0550. The outlook on EURUSD, as well as other EUR pairs, is mostly bearish for this week and for this month; though there would be some visible rally attempts in the market.

 

USDCHF

Dominant bias: Bearish

USDCHF went upwards last week. Price first moved briefly below the support level at 0.9850 and then rose upwards for the rest of the week, closing above the support level at 1.0000. A movement above the resistance level at 1.0050 would pose a threat to the recent bearish bias; while a movement above the resistance level at 1.0100 would result in a bullish bias. This week and this month, the movements on USDCHF would be largely determined by whatever happens to EURUSD.

 

GBPUSD

Dominant bias: Bullish  

GBPUSD first moved upwards last week, testing the distribution territory at 1.2600 and then went south, reaching the accumulation territory at 1.2400. Price made several futile attempts to breach that accumulation territory, and later rose up towards the distribution 1.2550. The distribution territories at 1.2600 and 1.2650 could be tested this week, as the market goes further upwards. There would be very strong bearish and bullish movements on GBPUSD this month (which is true of other GBP pairs).

 

USDJPY

Dominant bias: Bearish

USDJPY went upwards throughout last week, but that was not significant enough to override the current bearish bias. Price reached the supply level at 112.00 and later closed below the supply level at 111.50. There was an expectation of a very strong bullish movement last week: The market did move upwards but it was only a movement of roughly 170 pips. Price may move further upwards, but that movement would not be strong. The outlook on JPY pairs is bearish for April 2017.  

 

EURJPY

Dominant bias: Bearish   

The market consolidated for most of last week, in the context of a downtrend. The consolidation started on March 22 and ended on March 31, when price broke southwards, closing below the supply zone at 119.00. There are immediate targets at the demand zones of 118.50 and 118.00, but the targets may be exceeded. The outlook on JPY pairs is bearish for the month of April, and as EUR becomes weaker in itself, the market would continue to journey southwards.   

 

This forecast is concluded with the quote below:

 

“A trading strategy is defined by a set of rules. It is following these rules that give the system it’s ‘edge’ over a period of time. This edge produces a result that is better than random, and most importantly produces a profit.” - Jasper Lawler

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (April 11 – 14, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bearish

In the context of a downtrend, this pair moved sideways from Monday till Friday, trending south on Friday. Price closed below the resistance line at 1.0600, going towards the support lines at 1.0550. Rallies in the market are supposed to be temporary in most cases. There remains a bearish Confirmation Pattern in the market, and there are additional bearish targets at the support lines at 1.0500 and 1.0450.  

 

USDCHF

Dominant bias: Bullish

USDCHF consolidated in the first few days of last week and then trudged northwards. Price moved upwards 80 pips last week (having gone upwards by 270 pips since March 27). The support levels at 1.0050 and 1.0000 might try to impede short-term pullbacks as price noses towards the resistance levels at 1.0100 and 1.0150 this week. There cannot be a change in the trend unless EURUSD trends upwards significantly.  

 

GBPUSD

Dominant bias: Neutral   

The market did not make any directional movement last week, save a shallow bearish movement that was seen on April 7. The market would remain in this newly established equilibrium phase as long as it moves between the accumulation territory at 1.2300 and the distribution territory at 1.2600. A movement above the aforementioned distribution territory or below the accumulation territory would mean a beginning of another bias on the market. However, the most likely movement is towards the north. It is borne in mind that the outlook on GBP pairs is strong bullish for this week – so a bullish breakout may be witnessed on this market before the end of the week.

 

USDJPY

Dominant bias: Bearish

This trading instrument also consolidated throughout last week, neither moving above the supply level at 111.50 nor moving below the demand level at 110.00. The bias on the market is bearish; plus the outlook on JPY pairs remains bearish for this week and this month. Therefore, when momentum rises in the market, it would most possibly be in favor of bears. Most probably, price would move further downwards once the demand level at 110.00 is breached to the downside.   

 

EURJPY

Dominant bias: Bearish   

EURJPY dropped 110 pips last week, testing the demand zone at 117.50 (which was tested several times, though without success). Since March 13, price has dropped roughly 500 pips, and more decline is anticipated this week. One factor aiding the bearishness in this market is the weakness in EUR itself. Once the demand zone at 117.50 is breached to the downside, price could make effort to reach other demand zones at 117.00, 116.50 and 116.00 this week.

 

This forecast is concluded with the quote below:

 

“At the moment I am able to live from my trading income and I hope I can do this for the longer term.” - Matthias Knopf

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (April 17 - 21, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bearish

EURUSD consolidated from Monday to Friday, save a faint rally that was witnessed on Wednesday. The bearish bias on the pair still holds, though another week-long consolidation would lead it into a neutral zone. This week, attempts would be made to push price upwards, and that would be something that cannot override the current bearish bias unless price goes above the resistance line at 1.0800. Until that resistance line is broken to the upside, any rallies seen here should be taken as good “sell” signals.    

 

USDCHF

Dominant bias: Bullish

Just like EURUSD, USDCHF consolidated last week, in a context of an uptrend (albeit some shallow bearish correction has been witnessed on smaller time horizons). Price has been able to stay above the support level of 1.0000; for a movement below that support level would result in a bearish bias. Price could reach the resistance levels at 1.0100 and 1.0150 within the next several trading days. This week, the movement on USDCHF is subject to whatever happens to EURUSD.   

 

GBPUSD

Dominant bias: Bullish   

Cable went up by 190 pips, testing the distribution territory at 1.2550, before a shallow correction that was witnessed at the end of last week. The outlook on Cable remains bullish (and some bullishness would be detected on GBP pairs as well). The distribution territory at 1.2550 would be tested again and most probably, breached to the upside, as price then goes on towards other distribution territories at 1.2600, 1.2650 and 1.2700.   

 

USDJPY

Dominant bias: Bearish

As it was predicted, USDJPY went south by nearly 290 pips last week, thus ending the flat movement that happened in the market between April 3 and April 7. There is a clean Bearish Confirmation Pattern in the market and the outlook on it remains bearish for this week and this month (an outlook that is also true of other JPY pairs). This week, bears would make attempt to push price below the demand levels at 108.50, 108.00 and 107.50.    

 

EURJPY

Dominant bias: Bearish   

Our bearish targets for this market were exceeded last week, since price closed below the supply zone at 115.50., now aiming at the demand zone at 115.00. Price dropped 270 pips last week – having dropped roughly 730 pips since March 13, 2017. Further and further bearish movement is envisaged as price goes towards the demand zones at 115.00, 114.50 and 114.00. These are initial targets for the next several trading days, as they could be exceeded. Temporary bullish attempts could also be witnessed this week.  

 

This forecast is concluded with the quote below:

 

“It feels good when I look at returns of big hedge funds, and see that I beat many of them almost every year.” - Roland Manuhutu

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (April 24 - 28, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bearish

This pair trended upwards last week, briefly went above the resistance line at 1.0750, and then retraced southwards. There are support lines at 0.0700 and 0.0650, which may attempt to impede any bearish attempts this week. The bearishness in the market still holds, until price goes above the resistance line at 1.0800, which is supposed to happen this week. The outlook on EURUSD and other EUR pairs, is bullish for this week.     

 

USDCHF

Dominant bias: Neutral

This month, USDCHF has generally moved between the support level at 0.9900 and the resistance level at 1.0100, having brought about a neutral bias on the market. Movements above the level at 1.0000 would cause short-term bullish signals, and movements below the level would cause short-term bearish signals, while the long-term bias remain neutral. Price is expected to go south this week, reaching the support level at 0.9900. Protracted selling pressure would be needed to break that support level to the downside.

 

GBPUSD

Dominant bias: Bullish   

As is was anticipated, GBPUSD went significantly upwards last week; and so were other GBP pairs (EURGBP went south). Price skyrocketed by 370 pips, reaching the distribution territory 1.2900. Price has moved sideways since then – in what could be called a pause in the northward journey. This week, the outlook on GBPUSD, as well as other GBP pairs, remains bullish. So, when momentum returns to the market, it would most probably favor bulls. Price may target the distribution territories at 1.2850, 1.2900 and 1.2950 this week.    

 

USDJPY

Dominant bias: Bearish

This trading instrument consolidated throughout last week, in a context of a downtrend. A movement above the supply level at 111.00 would result in a bullish signal, as the current bearish bias is overridden. A movement below the demand level at 108.00 would result in a clear Bearish Confirmation Pattern in the market, as price goes further south. The outlook on USD/JPY is bearish for this week. Therefore, southward a southward movement is more likely.

 

EURJPY

Dominant bias: Bearish   

This cross pair made effort to go up last week, rising from the demand zone at 115.00, and reaching the supply zone at 117.50 (a movement of 250 pips). The bullish effort was not strong enough to override the extant bearish outlook on the market. Price was engaged in some bearish correction on Friday; plus the last week rise in price may turn out to be a good opportunity to sell short at better prices. The outlook on other JPY pairs is also bearish for this week.  

 

This forecast is concluded with the quote below:

 

“If we have trained properly, if we understand our planning, if we have done our preparation, our system execution should be a matter of routine.” – Ken Long

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (May 1 – May 5, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

Last week, this pair opened with a massive gap-up, which also happened on other EUR pairs. Price managed to reach the resistance line at 1.0950, and then consolidated till the end of the week. The gap-up has forced a bullish bias to appear, but this may not last long because EURUSD are expected to become weak this week. While there are resistance lines at 1.1000 and 1.1050, the support lines at 1.0900, 1.0850 and 1.0800 could be tested this week.    

 

USDCHF

Dominant bias: Bearish

USDCHF is in a short-term bearish mode, and price consolidated last week in the context of that short-term bearish mode. Within the last several days, price has not been able to move above the resistance level at 1.0000 or below the support level at 0.9900. A movement above the resistance levels at 1.0000 and 1.0100 would result in a Bullish Confirmation Pattern, while a movement below the support levels at 0.9900 and 0.9800 would reinforce the existing bearishness in the market.  

 

GBPUSD

Dominant bias: Bullish   

Last week, price consolidated from April 24 to 26 and then resumed its upwards journey, which was started on April 10 (although the most significant bullish movement occurred on April 18). The distribution territory at 1.2950 was tested on Friday before the market closed. Since April 10, price has gone upwards by 570 pips, and this is just the beginning, because there is a strong Bullish Confirmation Pattern in the market, and because the outlook on GBP pairs is also bullish for May. There may be some bearish attempts, but the bullish bias might survive till the end of May.     

 

USDJPY

Dominant bias: Bullish

USDJPY also opened with gap-ups at the beginning of last week, just as other JPY pairs did. The gap-up forced a bullish signal to form as price went further upwards, testing the supply level at 111.50. The bullish bias might hold for a few more days, (reaching the supply levels at 112.00, 112.50 and 113.00 at most), but the outlook on USDJPY is bearish for this week and this month. A major pullback would eventually happen.

 

EURJPY

Dominant bias: Bullish   

Last week, the market opened with an upward gaps, which was not filled because price even went further upwards on Tuesday, almost testing the supply zone at 122.00 and consolidating till the end of the week. This cross might go upward a bit further; though there is a high probability of strong selling pressures occurring this week and this month, which would override the current bullish signal. The outlook on JPY pairs is seriously bearish for May.   

 

This forecast is concluded with the quote below:

 

 

“Today, I am a full-time active private trader and I am thankful that trading has eliminated the need for me to re-enter the corporate world. I’m also a full-time Mum to two fabulous kids who are benefiting from the time I’m now able to spend with them every single day… Really, this is a profession you can enter regardless of your educational background.” – Louise Bedford

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (May 8 - 12, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

This pair went sideways from Monday to Wednesday, and then started rising upwards on Thursday, in the context of an uptrend. Price is now very close to the resistance line at 1.1000. This week, it is possible for the market, and other EUR pairs, to open with gaps, owing to the events surrounding French presidential election. Should gaps occur, they would be followed by high volatility and strong movements. While the resistance lines at 1.1000, 1.1050 and 1.1100 could be tested, chances of considerable pullbacks within the next several days are increasing.

 

USDCHF

Dominant bias: Bearish

USDCHF went lower last week, moving between the resistance level at 0.9950 and the support level at 0.9850. The bias is bearish, and price could go lower as long as EURUSD goes upwards. Eventually, USD would manage to gain some strength, either before the end of the week or at the beginning of next week, which would reverse the movement of USDCHF (as EURUSD is weakened). There must be a movement above the resistance level at 1.0000 in order for the current bearish bias to be threatened.    

 

GBPUSD

Dominant bias: Bullish   

In the context of an uptrend, Cable consolidated from the beginning of last week, till Wednesday, and then trended further upwards on Thursday and Friday.  Price closed above the accumulation territory at 1.2951, going towards the distribution territory at 1.3000. Once that distribution territory is breached to the upside, other distribution territories at 1.3050 and 1.3100 would become next targets, because the outlook on the market remains bullish for this week.     

 

USDJPY

Dominant bias: Bullish

USDJPY went upwards by more than 140 pips last week. Since April 24, price has gained more than 300 pips, which has resulted in a clean Bullish Confirmation Pattern in the market. The supply level at 113.00 has been tested and it would be re-tested, as price goes above it, targeting another supply level at 113.50 and 114.00. In May, JPY pairs could turn bearish, and that happens, the current bullishness in the market would be gotten rid of.

 

EURJPY

Dominant bias: Bullish   

Last week, this cross moved upwards by 250 pips. Price has gained 500 pips since April 24; plus the supply zone at 124.00 is currently under siege. Once the supply zone is breached to the upside, price would go towards the supply zones at 124.50, 125.00 and 125.50. There would be temporary pullbacks along the way, which should not overturn the current bullish bias, unless the pullback makes price lose at least, 300 pips.   

 

This forecast is concluded with the quote below:

 

“I trained myself to think of trading as an endeavor in which I strive to make points.  Only later are those points translated to dollars.  In that sense, for me trading is making point.” – Joe Ross

 

Source: www.tallinex.com

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (May 15 - 19, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

This pair is bullish in the medium-term, but neutral in the short-term. Price tested the support line at 1.0850, closing above the support line at 1.0900 on Friday. A movement above the resistance line at 1.1000 would strengthen the existing bullish bias, while a movement below the support line 1.0700 would threaten it. This week, further pullback is possible, but EURUSD would not go really bearish until the support line at 1.0700 is breached to the downside.

 

USDCHF

Dominant bias: Neutral

USDCHF moved upwards by 230 pips last week, almost testing the resistance level at 1.0100, and then pulled back towards the support level at 1.0000. The upwards movement of the first few days of last week has overridden the last short-term bearish signal, and the pullback that was seen on Friday has scuttled the bullish effort of last week. Both the bull and the bear would not gain upper hand until price goes seriously out of balance. A protracted movement is needed to form a directional outlook.     

 

GBPUSD

Dominant bias: Bullish   

The outlook on the Cable remains bullish, though price consolidated throughout last week. Further consolidation could result in a neutral outlook. The accumulation territory at 1.2850 has been tested and it may be breached to the downside. The current price action shows more and more noticeable weakness in the bullish trend, thereby increasing chances of a large pullback this week, especially when the accumulation territories at 1.2850 and 1.2800 are breached to the downside.    

 

USDJPY

Dominant bias: Bullish

This trading instrument initially went upwards last week, briefly going above the demand level at 114.00. Price got corrected lower by 80 pips on Thursday and Friday. The bias on the market is bullish, and it would remain so as long as price does not go below the demand level at 112.00. There is a possibility that the supply levels at 113.50, 114.00 and 114.50 would be targeted this week.

 

EURJPY

Dominant bias: Bullish   

EURJPY went sideways last week, in the context of an uptrend. There was a movement between the demand zone at 123.00 and the supply zone at 124.50. A rise in momentum is anticipated this week, which would emphasize the current Bullish Confirmation Pattern in the market, especially when the supply zone at 125.00 is overcome. The bullish bias would be jeopardized when price goes below the demand zone at 122.00.    

 

This forecast is concluded with the quote below:

 

“I’ve always believed that on every trader's journey, emotions are nice companions but lousy guides…This phrase is meant to remind us that life would be pretty darned boring if we never experienced any emotions. But more importantly in trading, decisions made when we are in a non-productive emotional state will likely produce results we don’t like. That’s where a great trading system comes to the rescue. It gives us a framework to calmly and coolly evaluate situations and make the right moves…” - D.R. Barton, Jr.

 

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (May 22 - 26, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

This pair went upwards by 290 pips last week, putting greater emphasis on the recent bullish bias that has formed this month. Price closed slightly above the support line at 1.1200 on Friday. The bullish momentum is currently strong, and the resistance lines at 1.1250, 1.1300 and 1.1350 may be tested this week. This however, does not rule out possibilities of pullbacks in the market, because EUR would rise against some currencies while falling against others.

 

USDCHF

Dominant bias: Bearish

USDCHF plummeted last week, losing 280 pips and closing below the resistance level at 0.9750. Price has fallen by 340 pips since May 12, and further fall is expected this week. The support levels at 0.9700, 0.9650 and 0.9600, may be tested this week, owing to the Bearish Confirmation Pattern in the market. USDCHF would continue to trend southwards as long as EURUSD journeys northwards.     

 

GBPUSD

Dominant bias: Bullish   

GBPUSD was able to maintain its bullishness last week. The market closed above the accumulation territory at 1.3000 on Friday, going towards the distribution territory at 1.3050 (which may be tested or even breached to the upside). On the other hand, there is also a possibility of a deep bearish correction this week, because bearish movements may occur on certain GBP pairs, and the ripple effect may affect GBPUSD.    

 

USDJPY

Dominant bias: Bearish

The market went bearish last week, thus invalidating the bullish signal that was formed earlier this month, and creating a new short-term bearish signal. Price has dropped roughly 290 pips last week, slashed the demand level at 110.50, and closed above the demand level at 111.00. The demand levels at 110.00 and 109.50 may try to reject any meaningful bearish movement, for the outlook on JPY pairs is bullish for this week. Some form of reversal may be witnessed in the market.

 

 

EURJPY

Dominant bias: Bullish   

This cross pair is still bullish, while being volatile in the long-term. Price has formed a zigzag pattern in the market: It went up on Monday and Tuesday, came down on Wednesday and Thursday, and then went upwards again on Friday. The present “buy” signal can push price towards the supply zones at 125.50, 126.00 and 127.50. These targets might even be exceeded, especially given the expected bullish movements on JPY pairs.     

 

This forecast is concluded with the quote below:

 

“New and creative trading ideas are important for a trader to be able to stay ahead of the crowd, so doing whatever you can to prepare your mind to consider new ideas will help to develop creative trading strategies that are essential to profitable trading.” – Joes Ross

 

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (May 29 – June 2, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

This pair consolidated last week, moving between the resistance line at 1.1250 and the support line at 1.1150. The resistance line at 1.1250 was tested several times, but it could not be broken to the upside, owing to the ongoing consolidation. A breakout is anticipated before the end of the week, which would most probably favor bulls as the resistance line at 1.1250 is broken to the upside, but the outlook on the market is bearish for June 2017. It should be noted that certain EUR pairs may not go bearish in June.

 

USDCHF

Dominant bias: Bearish

This pair went sideways last week, in the context of a downtrend. Price oscillated between the support level at 0.9700 and the resistance level at 0.9800. The support level at 0.9700 was tested several times and it could not be breached to the downside – and that is exactly what would happen this week – a breakout to the downside. This week, the Greenback would be weak while the Swissie would be strong: Hence further bearish movement in the market as the support level at 0.9700 is broken to the downside. This trend would reverse when EURUSD plummets in June.

 

GBPUSD

Dominant bias: Bullish   

GBPUSD is bullish in the long-term, but bearish in the short-term.  The market was caught in an equilibrium phase from Monday to Wednesday, and then went southward on Thursday and Friday, dropping 200 pips from the distribution territory at 1.3000 to the accumulation territory at 1.2800 (a well-anticipated occurrence). The outlook on GBP pairs is bearish for this week and for the month of June. Markets would generally be quiet in June, but GBP pairs would trend seriously, going bearish in most cases.

 

USDJPY

Dominant bias: Neutral

The market is neutral in the long-term, but bearish in the short-term. There was no significant movement last week, but things could become significant before the end of this week. The demand level at 111.00 was tested many times last week, and without success. The most probable movement is southwards, as the demand levels at 111.00, 110.50 and 110.00 are breached to the downside.

 

EURJPY

Dominant bias: Bullish   

There was no significant movement on EURJPY last week, save price went slightly bearish on Friday, in the context of an uptrend. The markets would generally be quiet in June 2017, while JPY pairs trend seriously nonetheless (just like GBP pairs). The outlook on JPY pairs is bearish for June; plus the most probable direction is southwards. EUR/JPY would go downwards by at least, 300 pips within the next two weeks, and that would lead to the end of the current bullish bias.     

 

This forecast is concluded with the quote below:

 

“My personal definition of successful money management is to limit losses while at the same time providing you with an adequate opportunity to realize a profit from the trade.” – Andy Jordan

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (June 5 - 9, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

This pair consolidated in the first few days of last week, and then went slightly upwards. On Friday, price closed above the support line at 1.1250, targeting the resistance line at 1.1300. The outlook on EUR pairs, however, is bearish for this week, which means that EURUSD could experience a serious pullback before the end of the week. Before that happens, price would continue making some visible bullish effort.  

 

USDCHF

Dominant bias: Bearish

USDCHF went bearish last week, losing at least, 110 pips. The market has lost 460 pips since May 11, and that has caused a Bearish Confirmation Pattern to form in the chart. On June 2, price closed below the resistance level at 0.9650, going towards the support level at 0.9600, which is the first target for the week. The second target is the support level at 0.9550. The market is expected to continue going further and further southward, until EURUSD would experience a clear pullback, something that would cause USDCHF to spring upwards.

 

GBPUSD

Dominant bias: Bullish   

GBPUSD is bullish in the long-term, but neutral in the short-term. In the short-term, price simply fluctuated without taking a specific direction. The situation may change this week as price goes above the distribution territory at 1.3050 to continue the long-term bullish bias; or goes below the accumulation territory at 1.2700, to form a new bearish bias. Price must thus go above the aforementioned distribution territory (1.3050) or accumulation territory (1.2700) before a directional bias can occur.

 

USDJPY

Dominant bias: Bearish

There is a bearish signal on this currency trading instrument, and price may continue going downwards to test demand levels at 110.00, 109.50 and 109.00. Price went sideways last week, but became conspicuously bearish on Friday. Rally attempts may happen along the way, but they are expected to be transient (not being able to form a bullish bias on the market), because the general outlook on this trading instrument, as well as other JPY pairs, is bearish for June.

 

EURJPY

Dominant bias: Bullish   

The EUR/JPY cross is bullish in the long-term, and neutral in the short-term. Price generally went upwards in May; though it is yet to do anything noteworthy this month. The demand zone at 123.50 was tested last week before price went upwards by 180 pips, going above the demand zone at 125.00 briefly and then closing below it on Friday. As long as EUR is strong in itself, this cross would maintain some form of bullishness; otherwise it would eventually tumble.  

 

This forecast is concluded with the quote below:

 

“If you haven’t already experienced sideways market types for yourself, you will soon discover that they occur a lot more frequently and go for longer periods of time than most new traders realize.  If you know how to trade in sideways conditions, you will find plenty of opportunity and you’ll also dramatically boost your chances for long term trading success.” – Dr. Van Tharp

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (June 12 - 16, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

Although the bias on this pair is bullish, bulls are getting tired of pushing price upwards. Price consolidated last week, moving between the resistance line at 1.1200 and the resistance line at 1.1300, before it closed below the resistance line at 1.1200 on Friday. The outlook on EUR pairs is bearish this week, and that may cause the market to assume a bearish journey, as the support lines at 1.1150 and 1.1100 are targeted.   

 

USDCHF

Dominant bias: Bearish

USD/CHF moved between the resistance level at 0.9700 and the support level at 0.9600 last week. On Friday, an attempt was made to go above the resistance level at 0.9700, but price was forced to close below it. In spite of a faint rally that was seen last week, the dominant bias on the market remains bearish. Further bearishness is expected this week, as USD would be weak against some currencies like CHF, NZD and AUD. The only factor that could cause a noteworthy bullish run in the market is a major pullback on the EURUSD.

 

GBPUSD

Dominant bias: Bearish   

It was formerly forecast that the outlook on GBP pair is bearish for June. GBP pairs went through major pullbacks last week as EURGBP shot skywards. That event was what put an end to the short-term neutrality on GBPUSD, which has been moving sideways before the pullback that happed on June 9. That event has caused a Bearish Confirmation Pattern to form in the market as price lost more than 200 pips (the initial loss was about 300 pips but price bounced upwards). This week, the bearish outlook on the market remains valid as further bearish movement is anticipated.

 

USDJPY

Dominant bias: Bearish

This trading instrument went downwards on Monday and Tuesday; and then made effort to go upwards on Wednesday, Thursday and Friday. All this happened in the context of a downtrend, which is expected to continue this week, for the outlook on JPY pair is very bearish for the week. Thus, the demand levels at 109.50. 109.00, and 108.50 would be tested this week, as price goes southwards.  

 

EURJPY

Dominant bias: Bearish   

The EUR/JPY cross is bullish in the long-term (though the long term-bullishness is now being threatened), and bearish in the short-term. Price dropped 150 pips last week, to test the demand zone at 123.00, after which it moved sideways for the rest of the week. Things are currently volatile, but further bearish movement is anticipated (just like on other JPY pairs); and thus, the demand zones at 123.00, 122.50 and 122.00 could be breached.

 

This forecast is concluded with the quote below:

 

“If you have a strategy that works, stick to it.” – James Altucher

 

Source: www.tallinex.com

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (June 19 - 23, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

The market largely consolidated last week – in the context of an uptrend. A movement below the support line at 1.1100 could trigger a bearish signal, and that exactly is what is expected this week, for the outlook on EURUSD (and some EUR pairs) is bearish. The targets for the week are located at the support lines of 1.1050 and 1.1000. However, there would not be a real threat to the current bullish outlook until the support line at 1.1100 is breached to the downside.

 

USDCHF

Dominant bias: Bearish

Despite the little bullish effort that was made in the last few days of last week, the bias on USDCHF is essentially bearish. The bias would, nevertheless, turn bullish, once the resistance level at 0.9900 is breached to the upside. That is a huge possibility this week, because EURUSD is expected to trend south (thereby helping USDCHF upwards), and CHF is also expected to be somewhat weak, which would enable USD to rally versus it.

 

GBPUSD

Dominant bias: Neutral   

This is a volatile market, which has put the recent bullish outlook in a precarious situation. A protracted directional movement is needed before a new bias can be determined in the short-term. There is a need for the accumulation territory at 1.2600 to the breached to the downside before the bias can turn bearish, and there is a need for the distribution territory at 1.2900 to be breached to the upside before the bias can turn bullish. Until one of these two things happen, the bias would remain neutral.  

 

USDJPY

Dominant bias: Bearish

This trading instrument is trying to make some bullish effort in the context of a downtrend. Last week, price consolidated and then made a faint bullish effort on Thursday and Friday, as it closed above the demand level at 110.50 on Friday.  The outlook on JPY pairs is again, bearish for this week, and as a result of this, any rallies perceived in the market should be disregarded, since they would turn out to be short-selling opportunities.   

 

EURJPY

Dominant bias: Bullish   

The bias on EURJPY remains bullish, although that may change at any time.  Price closed above the demand zone at 124.00 and it may hit the supply zones at 124.50 and 125.00, before turning south. Any gains in the Yen would cause JPY pairs to tumble, and EURJPY is no exception. Nevertheless, there is a need for price to go below the demand zone at 121.00 before the bias can really turn bearish.

 

This forecast is concluded with the quote below:

 

“I’ve reached the point where I can now support myself with my trading profits.” – Dr Jack Loftis

 

Source: www.tallinex.com

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (June 26 - 30, 2017)

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Neutral

This market did nothing significant last week, save the movement between the resistance line at 1.1250 and the support line at 1.1100. The market has essentially become neutral, and that bias would hold out until the aforementioned resistance line is breached to the upside or the support line is breached to the downside. This is what is expected this week, for activity in the market would be greater than what was seen last week. Movement to the upside is more probable.

 

USDCHF

Dominant bias: Bearish

USD/CHF also did not do anything significant last week, tough the bearish bias still exists, most importantly in the long-term. Price tested the resistance level at 0.9750 and later closed below the resistance level at 0.9700 on Friday. Further bearish movement is anticipated this week, especially when EURUSD goes northward (which is a possibility). There are possible targets at the support lines of 0.9650, 0.9600 and 09550.

 

GBPUSD

Dominant bias: Bearish  

The bearish signal that started on June 9 has lasted till now. Last week, price went downwards to test the accumulation territory at 1.2600, and later bounced upwards, to close above the accumulation territory at 1.2700. In spite of the upwards bounce, the outlook on GBPUSD remains bearish for this week (plus on certain other GBP pairs). Price could reach the accumulation territories of 1.2700, 1.2650 and 1.2600 - all of which were tested last week.   

 

USDJPY

Dominant bias: Neutral

This currency trading instrument is currently in a neutral mode, owing to the tight consolidation that took place on it last week. A bullish signal was generated on June 15, but that was rendered ineffectual owing to the bull’s inability to push price protractedly northwards. In fact, the inability of the trading instrument to go more upwards may eventually result in a smooth bearish run before the end of this week, since the outlook on JPY pairs is bearish for the week.    

 

EURJPY

Dominant bias: Bullish   

This cross has been able to retain its bullishness so far, despite many odds against it. In most part of last week, price oscillated between the demand zone at 123.50 and the demand zone at 124.50 (formerly a supply zone). Since price was able to close above the demand zone at 124.50, an imminent bullish intent has been revealed. However, price may not move seriously upwards, because of the possibility of bearish movements, which can happen on JPY pairs.

 

This forecast is concluded with the quote below:

 

“Regular and honest self-assessment of your trading performance is crucial to your long-term success… It’s never comfortable to review a scenario and admit your mistakes, but doing so leads to massive personal growth as a trader — and in life too.” -  Deron Wagner

 

Source: www.tallinex.com

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (July 3 - 7, 2017)   

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

Last week, a bullish breakout in this market put an end to the neutral bias on it, which was in place from June 12 to 23. Price gained more than 250 pips, almost reaching the resistance line at 1.1450, but closing above the support line at 1.1400. There is a huge Bullish Confirmation Pattern in the market, which means that further bullish movement is a possibility. Nevertheless, the outlook on EUR pairs is bearish for this week; just as it was previously announced that the movements on EUR pairs would be bullish last week. We might see a meaningful bearish run on EURUSD before the end of this week.

 

USDCHF

Dominant bias: Bearish

This pair dropped precipitously last week, almost testing the support level at 0.9550 before closing near the resistance level at 0.9600. The bias on the market is currently bearish, but that may change once EURUSD drops before the end of this week. There are support levels at 0.9550 and 0.9500, which may be tested. An upwards movement may enable price to test the resistance levels at 0.9600, 0.9650 and 0.9700. 

 

GBPUSD

Dominant bias: Bullish

GBPUSD, which normally gets positively correlated with EURUSD, also went upwards by 310 pips last week, closing above the accumulation territory at 1.3000 on Friday. There is a possibility of further upwards movement, but the movement would be limited since the outlook on this market, and certain on GBP pairs, is bearish for this week. This means that there could be a serious bearish correction before the end of the week. As usual, there would be strong volatility on GBP pairs in July.    

 

USDJPY

Dominant bias: Bullish

USDJPY moved slowly northward last week, testing the supply level at 112.50, but being unable to close above it. Since June 14, the market has gained about 340 pips while moving northwards slowing and gradually. The trend in the market is bullish, but that may soon be put to an end, for the outlook on the market is bearish for this week and for this month. JPY pairs are also expected to go bearish this week and in July.    

 

EURJPY

Dominant bias: Bullish   

Unlike USDJPY, which moved upwards gradually and slowly last week, EURJPY cross moved upwards rapidly and significantly. Price went upwards from the demand zone at 124.50, and tested the supply zone at 128.50 (a movement of about 400 pips). There is a significant Bullish Confirmation Pattern in the market, and short trades are currently not encouraged until there is a deep correction in the market, which would eventually happen, owing to a bearish outlook on JPY pairs for the month of July.  

 

This forecast is concluded with the quote below:

 

“Independence has a slightly different meaning when it comes to the world of trading, but it is an important one. Trading gives us the independence from having to have a “9-5” job. It gives us the freedom to work from just about anywhere in the world (thanks, in part, to technology). We can choose what we want to trade, how much we want to trade and even take breaks whenever we want. It’s one of the best “jobs” you can have.” – TradingEducators

 

Source: www.tallinex.com

 

 

 

 

 

 

 

 

 

 

[⭐ analyst75]

Weekly Trading Forecasts for Major Pairs (July 10 - 14, 2017)   

 

Here’s the market outlook for the week:

 

EURUSD

Dominant bias: Bullish

The market was engaged in a bearish correction from Monday through Wednesday and then rallied on Thursday, to close on a bullish note on Friday. This has put some emphasis on the bullish bias on the market, which means that occasional corrections would often lead to further rallies. The outlook on EURUSD is bullish for this week (and so it is for other EUR pairs). The initial targets are located at the resistance lines at 1.1450, 1.1500 and 1.1550.

 

USDCHF

Dominant bias: Bearish

The USD/CHF made some bullish attempt in the first few days of last week, breaching the resistance level at 0.9650, but not being able to stay above it. The bullish attempt was not significant enough to pose any threat to the extant bearish bias, for price nosedived again on Thursday, owing to the new lease of stamina in EURUSD. The outlook on USD is bearish for this week, and as such further downwards movement towards the support levels at 0.9600 and 0.9550 is anticipated.

 

GBPUSD

Dominant bias: Bullish

Basically, GBPUSD is bullish in the longer-term and bearish in the shorter-term. Price moved down by 110 pips last week, in the context of an uptrend, closing below the distribution territory at 1.2900. This week, the outlook on GBP pairs is strongly bullish, and as such, there is an expectation of a strong bullish movement to the upside, which would assert the presence of bulls. The initial targets are the distribution territories at 1.2900, 1.2950 and 1.3000 which have been previously attained. Price might even go beyond those targets.     

 

USDJPY

Dominant bias: Bullish

Since June 14, this pair has gained about 510 pips, moving in a perpetual bullish mode. Price is now very close to the supply level at 114.00; plus the possibility of breaching it to the upside is very high, owing to the clean Bullish Confirmation Pattern present in the market. Once the supply level is breached, the next targets would be the supply levels at 114.50, 115.00 and 115.50. However, the overall outlook for this month is bearish, and that may materialize anytime.   

 

EURJPY

Dominant bias: Bullish   

The market moved sideways in the first few days of last week, before trending further northwards. Since June 15, this cross has gained about 740 pips, closing very close to the supply zone at 130.00 on Friday. The supply zone would be easily breached to the upside as price goes further towards other supply zones at 130.50, 131.00 and 131.50. There could, nonetheless, be some bearish reversals this month, but that may not happen as long as EUR is strong.

 

This forecast is concluded with the quote below:

 

"There is time to go long, time to go short, and time to go fishing.  A good signal jumps at you from the chart and grabs you by the face – you can’t miss it.” – Jesse Livermore

 

Source: www.tallinex.com