Here’s the market outlook for this week:: Content courtesy of Tallinex Limited https://www.tallinex.com
EURUSDDominant bias: Bullish
As expected, this pair corrected lower last week - sliding 120 pips before closing into a consolidation. The support line at 1.1150 has been tested and should be breached this week. EUR will be seen weakening against major currencies (except JPY) before the end of this month, and making the market bias turn bearish. The support lines at 1.1100, 1.1050 and 1.1000 are vulnerable this week and next.
Dominant bias: Bearish
Price climbed 100 pips last week to close above the support level at 0.9750. It might be possible to extend the move this week, as bearish EURUSD action could aid a rally. In addition, CHF is likely to weaken against other majors (except JPY). The resistance levels at 0.9800, 0.9850 and 0.9900 could be attained this week or next.
Dominant bias: Bearish
This pair dropped roughly 400 pips last week - almost reaching the accumulation territory at 1.4050. Although there is a Bearish Confirmation Pattern in the market, bulls will try to push price up this week - likely with a measure of success as the accumulation territory at 1.4000 will hinder further bearish movement. When price turns upward, the distribution territories at 1.4200, 1.4250 and 1.4300 will become targets.
Dominant bias: Bearish
USDJPY was visibly bullish throughout last week, but the effort was not enough to change the dominant bias. Price should continue upwards by a minimum of 100 pips this week (owing to the bullish expectation on JPY pairs), and result in a bullish bias for this market.
Dominant bias: Neutral
Consolidation occurred throughout last week with price remaining between the demand zone at 125.00 and the supply zone at 126.50. A breakout is imminent this week, which should favor bulls. A closer look at the market shows that bulls are still determined to effect a rally, and could push price to the supply zones at 127.00 and 127.50.
I’d like to conclude this forecast with the following quote:
“It's useful to remember that you may not win on any single trade, but after a series of trades you will have enough winners to make a profit in the long run.” - Andy Jordan
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