EUR/USD: The
EUR/USD pair has moved sideways so far this week. The EMA 11 is below the EMA 56,
while the Williams’ % Range period 20 is often in the oversold region. This
sideways movement in the context of a downtrend would end as momentum rises,
and most probably go in favor of bears.
USD/CHF: This pair has moved
sideways so far this week. The EMA 11 is above the EMA 56, while the Williams’
% Range period 20 is often in the overbought region. This sideways movement in
the context of an uptrend would end as momentum rises, and most probably go in
favor of bulls.
GBP/USD: This pair went upwards
on Monday and got engaged in a bearish correction on Tuesday. The bias on the
market remains bearish, and any further bullish attempt should be taken as
opportunities to sell short at better prices. A movement below the accumulation
territory at 1.2350 would reinforce the existing short-term and long-term
biases in the market.
USD/JPY: The USD/JPY pair has been
going further and further upwards. There is a huge Bullish Confirmation Pattern
in the market, and a further northwards journey is anticipated. So bulls might
target the supply levels at 111.50, 112.00, and 112.50 this week. This kind of
bullish movement would hold as long as the Yen is weak.
EUR/JPY: The
EUR/JPY pair is still making some bullish attempt, now besieging the supply zone at
118.00, which is the second target for the week. The supply zone would soon be
breached to the upside as price goes towards another supply zone at 119.00.
The material has been provided by InstaForex Company – www.instaforex.com
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