Forex Weekly Watch: June 16 – 20, 2014

EUR/JPY

EUR/JPY 1 Hour Forex Chart

EUR/JPY 1 Hour Forex Chart

Euro volatility notched up another level and it was all about selling for the shared currency.  It was almost a straight shot down from last week’s open, but EUR/JPY settled around the 138.00 handle where it’s currency trading around.  I’m looking for a pullback to the moving averages/top WATR level for an aggressive short, but I’m also open to getting in on a break of the PWL.

  • WO: 138.13
  • Top WATR: 139.06
  • Bottom WATR: 137.20
  • PWH: 140.09
  • PWL: 137.72

GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

Guppy went its own way last week after finding a bottom at the bWATR level and shooting higher on surprise comments from BOE Governor Carney.  That end of week move looks parabolic and set to pull back, which is why I’m looking at the bottom WATR level/moving averages once again for a possible long position on a fresh Sterling catalyst.

  • WO: 173.23
  • Top WATR: 174.42
  • Bottom WATR: 172.04
  • PWH: 173.37
  • PWL: 170.96

EUR/GBP

EUR/GBP 1 Hour Forex Chart

EUR/GBP 1 Hour Forex Chart

Last week, EUR/GBP made one of the biggest moves I’ve seen it do in the past few months.  Sterling strength is in play on rate hike speculation, so I’m looking for short plays on this pair especially on a pullback. Of course, I’ll be watching the top WATR/.8000 handle for resistance, but after such a strong move, I wouldn’t be shocked if the market got back up to the moving averages and minor psychological level, .8050.

  • WO: .7974
  • Top WATR: .8017
  • Bottom WATR: .7932
  • PWH: .8123
  • PWL: .7972

Risk Disclosure
Q1 2014 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page