Forex Weekly Watch: Feb. 24 – 28, 2014

EUR/JPY

EUR/JPY 1 Hour Forex Chart

EUR/JPY 1 Hour Forex Chart

While we didn’t see a big breakout from the previous week’s range, we did see EUR/JPY grind higher indicating that the bulls are still in control.  With last week’s price action, we now have a channel of higher “lows” and higher “highs,” indicating that traders are still bullish and that the direction is most likely higher this week.  Look for the current week open price down through the major psychological level of 140.00 to be an area of support until the story changes.

  • WO: 140.75
  • Top WATR: 141.93
  • Bottom WATR: 139.58
  • PWH: 141.27
  • PWL: 138.94

GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

Guppy moved in a range last week, tighter than its usually volatility range.  Typically, this sets up a break out play in either direction if we see a catalyst, but we should also remember that the pair is in bull mode on the higher timeframes. The previous week low (PWL) and bottom WATR area is one to watch for as longer-term forex traders may jump in if sentiment doesn’t change.

  • WO: 170.36
  • Top WATR: 171.96
  • Bottom WATR: 168.77
  • PWH: 171.71
  • PWL: 169.37

EUR/GBP

EUR/GBP 1 Hour Forex Chart

EUR/GBP 1 Hour Forex Chart

The minor psychological area of .8250 continues to be the top side of a small consolidation pattern on EUR/GBP. Depending on how the sentiment shifts this week, it could really go either way at these levels.  Keep in mind, the pair is in a longer-term downtrend and that the current level is around the 61% Fibonacci retracement area of the recent swing move lower.  Which means sellers are still in control, but if they give up, it could be a fast move higher on some short covering. Stay frosty on this one.

  • WO: .8260
  • Top WATR: .8313
  • Bottom WATR: .8207
  • PWH: .8263
  • PWL: .8158

Risk Disclosure
Q4 2013 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page

  • http://www.agpsi.co.uk oakley polarized sunglasses

    Very good blog, looking forward to sharing more.