FX.co ★ Daily analysis of major pairs for February 13, 2015

EUR/USD: The EUR is trying to recover some of its losses, and this fact is made conspicuous in other EUR pairs. The bullish effort here is posing threats to the extant long-term bearish bias and a movement above the resistance line at 1.1500 would mean the end of the bearish bias and a beginning of a clean bullish bias.

USD/CHF: Although the outlook on this pair is bullish and the price is supposed to be going upwards, there is now a high probability that there could be some short-term or protracted pullbacks in the market. One thing is sure, the possible pullbacks would not be permanent and the price could continue its upward journey after that (even if it would be a consolidation to the upside).

GBP/USD: The GBP/USD pair has moved upwards this week. From the accumulation territory at 1.5200, the price rose upwards, reaching the distribution territory at 1.5400. This is a movement of 200 pips. The distribution territory at 1.5400 has already been challenged and would soon be breached to the upside.

USD/JPY: This currency trading instrument experienced a large pullback on Thursday, but the pullback has not succeeded rendering the bullish outlook invalid, unless the price closes below the demand level at 118.00.

EUR/JPY: This is also a bull market – irrespective of the pullback that happened on Thursday. The price is above the EMA 56 (the EMA 11 is also above the EMA 56) and the RSI period 14 is above the level 50. This shows that bulls are still in control.