Forex forecast – Bullish engulfing pattern on EUR/USD – ADMISI

Eddie Tofpik, Head of FX at ADM Investor Services International details the technical outlook for forex majors – EUR/USD, USD/JPY along with the outlook for Brazilian Real.

Key points

EUR/USD – Bullish engulfing pattern from yesterday’s action, overall trend remains flat as indicated by sideways actions in the major moving averages.

USD/JPY- Key reversals in the Dollar-Yen are suspect

USD/BRL – Failure at the crucial technical resistance