Posted by fxmars.com
EURUSD:
After creating its last top, the price let us draw a bearish corridor (yellow), which set its beginning on April 22. After its last bounce from the upper level of the corridor, the followed bearish movement brought the price through the 1.35100 resistance, which indicates the bottom from June 12 and through the purple bullish trend line from July 2012. This created the idea of an eventual continuation of the bearish movement and the eventual creation of new lows. After all, we remind that currently the price is on an 8-months low. At the same time, the stochastic oscillator gives very clear signals for an oversold market, which creates the idea that an eventual correction to the upper level of the yellow bearish corridor might appear during the upcoming week.
USDJPY:
After its last interaction with the 101.197 support, the price started increasing and it confirmed a double bottom formation (green), with interrupting its red neck line. At the same time, the stochastic oscillator confirmed a double bottom formation too and it entered the area of the oversold market afterwards. For this reason, we believe that the price might do a correction before starting moving after the already confirmed double bottom formation. The price might reach the purple bearish line from the end of December 2013, or even the many times tested green resistance at 102.770. Anyway, the overall potential movement of the price is likely to be bullish.
GBPUSD:
After reaching the resistance at 1.71849, which indicates the 70-months high of the price, the Cable started decreasing and again it got out of the frames of the blue bullish corridor from September 2013. This makes us believe that the bullish intensity of the price has started decreasing and the price attempts to increase outside of the regular frames of the corridor. For this reason, we have connected the last two crucial bottoms of the price with a yellow bullish line, which we would take as a support in case of an eventual interaction of the price with it. On the other hand, the stochastic oscillator has just entered the area of the oversold market and its two lines might interact on Monday, if the price starts slowing down. Are we going to see a change in the direction of the price before an interaction with the yellow bullish line?
EURUSD:
After creating its last top, the price let us draw a bearish corridor (yellow), which set its beginning on April 22. After its last bounce from the upper level of the corridor, the followed bearish movement brought the price through the 1.35100 resistance, which indicates the bottom from June 12 and through the purple bullish trend line from July 2012. This created the idea of an eventual continuation of the bearish movement and the eventual creation of new lows. After all, we remind that currently the price is on an 8-months low. At the same time, the stochastic oscillator gives very clear signals for an oversold market, which creates the idea that an eventual correction to the upper level of the yellow bearish corridor might appear during the upcoming week.
USDJPY:
After its last interaction with the 101.197 support, the price started increasing and it confirmed a double bottom formation (green), with interrupting its red neck line. At the same time, the stochastic oscillator confirmed a double bottom formation too and it entered the area of the oversold market afterwards. For this reason, we believe that the price might do a correction before starting moving after the already confirmed double bottom formation. The price might reach the purple bearish line from the end of December 2013, or even the many times tested green resistance at 102.770. Anyway, the overall potential movement of the price is likely to be bullish.
GBPUSD:
After reaching the resistance at 1.71849, which indicates the 70-months high of the price, the Cable started decreasing and again it got out of the frames of the blue bullish corridor from September 2013. This makes us believe that the bullish intensity of the price has started decreasing and the price attempts to increase outside of the regular frames of the corridor. For this reason, we have connected the last two crucial bottoms of the price with a yellow bullish line, which we would take as a support in case of an eventual interaction of the price with it. On the other hand, the stochastic oscillator has just entered the area of the oversold market and its two lines might interact on Monday, if the price starts slowing down. Are we going to see a change in the direction of the price before an interaction with the yellow bullish line?
