The USDJPY acted according last week slowly gaining distance from the 100.80 support. The bulls a reeving to hitting 103.0 and beyond. Today there is a clean bullish setup which we have been presented with. Prices are above the 20 SMA, the MACD trades to the upside and we are also above the weekly pivot.
On data releases the main event was the release of the IFO business sentiment in Germany. The results printed better than expected at 111.3 thus jolting the EURUSD pair higher. In Ukraine the situation continues to deteriorate and this should provide significant attention through the week with it affecting the European markets.
Focusing back on the EURUSD this is a bullish market on the daily time frame.
Prices are trading above the weekly pivot.
The MACD is trading to the upside.
Prices are trading above the 20 SMA.
A bounce from the weekly pivotal levels may be expected, followed by a move to the 103.00 level. A daily close back below 101.50 invalidates this daily bullish outlook.
On data releases the main event was the release of the IFO business sentiment in Germany. The results printed better than expected at 111.3 thus jolting the EURUSD pair higher. In Ukraine the situation continues to deteriorate and this should provide significant attention through the week with it affecting the European markets.
Focusing back on the EURUSD this is a bullish market on the daily time frame.
Prices are trading above the weekly pivot.
The MACD is trading to the upside.
Prices are trading above the 20 SMA.
A bounce from the weekly pivotal levels may be expected, followed by a move to the 103.00 level. A daily close back below 101.50 invalidates this daily bullish outlook.
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