Forex Weekly Watch: Mar. 10 – 14, 2014

EUR/JPY

EUR/JPY 1 Hour Forex Chart

EUR/JPY 1 Hour Forex Chart

After weeks of trading around 140.00, EUR/JPY has finally broken out of its range on broad financial market volatility.  It was an upside break which means a few “likely” scenarios could play out from here: 1.) the pair could keep rallying higher without a hiccup 2.)Pull back and then rally higher 3.) Stall and/or reverse back to 139.00.   Unless the story behind the breakout changes, we could see some variation of scenario 1 or 2 before the markets move higher to gun for 145.00.

  • WO: 142.76
  • Top WATR: 144.03
  • Bottom WATR: 141.50
  • PWH: 143.79
  • PWL: 139.14

GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

Because most of last week’s action was risk sentiment related, and therefore Japanese yen centric, guppy behaved in much of the same manner as EUR/JPY above with a break above the recent range.  So, the setups to watch out for are probably the same, even with a few major events from both the U.K. and Japan this week on the calendar. A pull back and retest of the 171.00 area and bottom WATR level is definitely one to watch for, as well as a break above the PWH at 173.58!

  • WO: 172.27
  • Top WATR: 173.88
  • Bottom WATR: 170.66
  • PWH: 173.58
  • PWL: 168.83

EUR/GBP

EUR/GBP 1 Hour Forex Chart

EUR/GBP 1 Hour Forex Chart

EUR/GBP has been no exception to the recent consolidation behavior we’re seeing in forex, but it really wasn’t a part of the big break out that we saw in EUR/JPY and GBP/JPY.  In the chart above, it looks like the pair broke the consolidation area to retest the .8300 handle.  With the stochastic indicator giving us a potential overbought signal, this may be an opportunity to jump in on the longer-term trend lower.  One thing to remember before trading this pair is that both currencies have been strong against the other majors, so it could go either way from here.

  • WO: .8292
  • Top WATR: .8344
  • Bottom WATR: .8241
  • PWH: .8304
  • PWL: .8203

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  • kanubhai

    EURGBP EURJPY

  • kanubhai

    EURGBP EURJPY KIA BYE JAYGA SAR