Forex Weekly Watch: Mar. 17 – 21, 2014

EUR/JPY

EUR/JPY 1 Hour Forex Chart

EUR/JPY 1 Hour Forex Chart

It was another volatile, momentum week for EUR/JPY, bringing the pair back to the top of February’s consolidation range.  On the longer-term time frames, the trend is still higher, so the area between bWATR and 141.00 might be a buying opportunity.  But it may be a good idea to check out the forex calendar and news as it seems the fundies and geopolitics have had a strong influence on price action as of late.

  • WO: 140.74
  • Top WATR: 142.02
  • Bottom WATR: 139.46
  • PWH: 143.61
  • PWL: 140.44

GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

Big volatility for guppy as well, but much more weakness seen in Sterling across the board last week. This could be the start of a new trend for the British pound, so any kind of pullbacks to the area between tWATR and 171.00 might be on opportunity for guppy bears.  Long-term bulls may want to stay patient as the pair approaches the bottom of a range the spans all the way back to December 2013; potential support between 165.00 – 167.00.

  • WO: 168.47
  • Top WATR: 170.14
  • Bottom WATR: 166.81
  • PWH: 172.87
  • PWL: 167.93

EUR/GBP

EUR/GBP 1 Hour Forex Chart

EUR/GBP 1 Hour Forex Chart

It was a steady grind higher for EUR/GBP last week and it looks like the made new highs for 2014, almost touching .8380.  This area between .83200 – .8350 is still a battlezone area between the bulls and bears, with no clear winner at the moment.  For me, I think we’ll continue to see ranging/consolidation behavior, and with the euro seeing broad strength as of late, the bWATR is attractive as a potential range reversal type play.

  • WO: .8357
  • Top WATR: .8412
  • Bottom WATR: .8302
  • PWH: .8381
  • PWL: .8288

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

Like what you've read?
Join over 40,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!

1 comment

  1. mihk

    I feel a bit guilty for the EUR/JPY. I fell -245 pips and scored -800 euro. I would have got better velocity if I wasn’t stopped by somebody. I also produced a spike later on, 44 pips long. Overall I lost 1200 euros, but it was worth to the last penny.

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>