Weekly Watch: Dec. 23 – 27, 2013

Weekly Watch: Dec. 23 – 27, 2013

We’re now in holiday trading mode, but that doesn’t mean the market stops trading! Check out these holiday style setups on EUR/JPY, EUR/GBP, & GBP/JPY!

EUR/JPY

EUR/JPY just completed another ranging pattern last week, which means we could be in for a break out sometime within the next few weeks. Of course, the longer-term trend is to the upside, so traders may be watching the bottom WATR & PWL levels as a very enticing buy area, while a break of PWH may bring in more buyers to play the longer time frame.

EUR/JPY 1 hour chart

EUR/JPY 1 hour chart

  • WO: 142.18
  • Top WATR: 143.37
  • Bottom WATR: 140.99
  • PWH: 142.90
  • PWL: 140.98

GBP/JPY

Guppy fell early last week, and after finding strong support at the bottom WATR area pointed out in last week’s Weekly Watch, the pair rallied an impressive 470 pips! Since we’re in holiday mode, the probability is low we’ll see another strong move like that, but it may behoove you to be ready by checking out 169.00 – 170.00 as the new support area to watch.

GBP/JPY 1 hour forex chart

GBP/JPY 1 hour forex chart

  • WO: 169.89
  • Top WATR: 171.43
  • Bottom WATR: 168.35
  • PWH: 171.19
  • PWL: 166.58

EUR/GBP

A bigger than usual move thanks to big fundamental events last week lead to a strong rally in sterling against the euro. The longer-term trend since July has been to the downside, so the current pullback higher to the Fibonacci levels and top WATR area may be an opportunity for those who missed last week’s move a chance to get in a pretty decent price.

  • WO: .8368
  • Top WATR: .84823
  • Bottom WATR: .8314
  • PWH: .8467
  • PWL: .8314

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