Daily analysis of major pairs for February 12, 2018

EUR/USD: The EUR/USD pair had a strong bearish movement last week, which resulted in a bearish bias. Price dropped 240 pips, to close below the resistance line at 1.2250 on Friday. The outlook on the EUR pairs is bearish for the week, and thus the bearishness in the market would continue, as price aims for the resistance lines at 1.2200, 1.2150 and 1.2100.

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USD/CHF: There was a bullish effort that was witnessed last week, though in the context of a downtrend. Unless price goes above the resistance level at 0.9500, the bias on the market will not turn bearish. A movement below the support level at 0.9300 would strengthen the recent bearish signal in the market.

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GBP/USD: Here, price has shed 450 pips since last February 2 (300 pips last week alone). There is a huge Bearish Confirmation Pattern in the market, which would continue as price journeys further towards the accumulation territories at 1.3800, 1.3750, and 1.3700. The outlook on GBP pairs is strongly bearish for this week, and thus, short signals may be disregarded.

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USD/JPY: The USD/JPY pair was choppy last week, but price ended going further southwards, closing below the supply level at 109.00. The demand level at 108.50 has been tested and will be tested again, get breached to the downside and go further southwards. The outlook on the JPY pairs is bearish for this week.

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EUR/JPY: There was a massive drop on the EUR/JPY pair. Price went southwards by 500 pips, reaching the demand zone at 132.00. On Friday, there was an upwards bounce in the market, which should turn out to be temporary, because this cross ought to continue its southwards journey this week. The demand zones at 132.00, 131.50, and 131.00 could be breached to the downside. Rallies in the market could this be ignored.

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