Daily analysis of major pairs for April 27, 2017

EUR/USD: The EUR/USD has moved upwards this week. Price nearly tested the resistance line at 1.0950, but the resistance line would be tested and breached eventually. The EMA 11 is above the EMA 56, and the Williams’ % Range period 20 is in the overbought region, which means that price is expected to go upwards.

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USD/CHF: The USD/CHF has essentially moved sideways so far this week. Price has not gone above the resistance level at 1.0000 or below the support level at 0.9900. There is a need for price to go above the resistance level or below the supply level so that a directional movement can resume. A movement below the support level at 0.9900 is much more likely.

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GBP/USD: The Cable has been caught in an equilibrium phase – having moved sideways so far this week. A rise in momentum is anticipated, which may take price towards the distribution territories at 1.2900, 1.2950 and 1.3000. Some fundamental figures are expected today and they may have an impact on the market.

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USD/JPY: Since the close last Friday, the USD/JPY has gone upwards by 200 pips, following the gap-up that was seen at the beginning of this week. There is now a Bullish Confirmation Pattern in the market, and the price could continue going further upwards, reaching the supply levels at 111.50, 112.00 and 112.50.

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EUR/JPY: Since the close last Friday, the EUR/JPY has
gone upwards by 450 pips, following the gap-up that was seen at the beginning
of this week. There is a bullish signal in the market, and price may soon be reaching
the supply levels at 122.00, 122.50 and 123.00. Any pullbacks in the market may
end up being an opportunity to buy long.

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The material has been provided by InstaForex Company – www.instaforex.com