Daily Analysis of Major Pairs for March 30, 2016
EUR/USD: The EUR/USD pair broke upwards on Tuesday, moving above the support line at 1.1250, and is now very close to the resistance line at 1.1300. Actually, that resistance line has been tested and it would be retested as the bulls push the price beyond it. The next target would then be another resistance line at 1.1350, which would also be breached to the upside.
USD/CHF: The pair broke downwards on Tuesday, moving below the resistance level at 0.9700, and is now very close to the support level at 0.9650. Actually, that support level would be tested as the bulls push the price beyond it. The next target would then be another support level at 0.9600, which would also be breached to the downside.
GBP/USD: As it was prognosticated, this currency trading instrument went upwards yesterday, resulting in a Bullish Confirmation Pattern on the chart. The EMA 11 is now above the EMA 56, as the RSI period 14 is above the level 50. The next targets for the bulls are located at the distribution territories of 1.4450 and 1.4500. The distribution territory at 1.4400 has been previously tested and it would be breached to the upside very soon.
USD/JPY: The USD/JPY pair broke down yesterday, threatening to invalidate the recent bullish outlook on the market. In case the price moves below the demand level at 112.00, the bullish outlook would be completely invalidated. However, a rally from here could reinforce the recent bullish outlook.
EUR/JPY: As it was expected, the EUR/JPY pair trended upwards on Tuesday (March 29, 2016). The price has moved upwards by 80 pips this week, now above the demand zone at 127.00. The next targets for the bulls are located at the supply zones of 127.50 and 128.00. However, this does not rule out any possibilities of pullbacks along the way.
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