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(Technical Analysis of EUR/USD)
Last week, the EUR/USD breaks the resistance level of 1.2080 and successfully traded above it. This movement is heading towards indicating the positive scenario for the upcoming week, considering that the bullish trend requires staying above 1.2064. This is very strong growth in the EUR/USD pair. Moreover, the resistance level of 1.2120, is a perfect level to get in the market, yesterday if the market breaks this level of resistance and shows momentum to the upside, then it is an indication of buyer pressure.
In a weekly time frame, that is a strong bullish movement from the past three weeks. That is a huge gain from 1.1680 level to 1.21 level of resistance. When the market will open, I think we need to see the market behavior and then take our entry toward the next resistance level. The chart attached below, this area is very noisy, I think the market will spend some time in this area, before showing any action in any direction. That is why we have to wait for the breakout or pullback to get in the market. Also, 1.2350 level of resistance is a December 2020 high level and now the market is head toward this direction.
(Technical Analysis of GBP/USD)
GBP/USD showed a very strong move to the upside and gains approximately 150 plus pips on Monday. But 1.40 level is a strong level where supply was increased and the price was dropped again toward the support level. Now the price is consolidating in the mid of the support and resistance level. The upcoming week decides the further move.
I think if the buyer takes control of the market, then it will touch the next resistance, also an all-time high level since April 2020. In a one-hour and four-hour time frame, there is the possibility that the market will touch support level 1.3710 in the next week. This will happen when the price successfully manages to settle below the 200 Simple moving average.
(Technical Analysis of USD/JPY)
After testing the 107.46 level, USD/JPY again showed bullish movement, but the overall trend is downward and below the 200 Simple moving average. Until the market relies on below that moving average, we have to trade for the short position. In the weekly outlook, the USD/JPY was created the hanging man candle.
Technically, this is the strong signal for the bullish trend and the market is going to be stronger in the next week and show some strength. In that situation, we have to be the focus for buy entry toward the resistance level, also monthly high level at 109.30. In the long time frame market is in a strong downtrend and maybe it will continue a bearish move toward the next support level 107.00.