27 December 2014 at 22:49 GMT
Weekly Trading Forecasts on Major Pairs (December 29, 2014 – January 2, 2015)
Dominant bias: Bearish
EURUSD trended downwards last week, closing below the resistance line at 1.2200. Since the recent bullish attempt was rejected at the resistance line of 1.2550, price has dived by over 360 pips, resulting in a very strong Bearish Confirmation Pattern in the market. The bearish bias may continue till the end of this year, enabling price to test the support lines at 1.2150 and 1.2100 respectively.
Dominant bias: Bullish
This pair has continues its upward journey in a slow and gradual manner (thanks to the ongoing strength in Greenback). Since the recent bearish pull was rejected around the support level at 0.9550, price has skyrocketed by more than 320 pips, closing above the support level at 0.9850 last week.