Forex Weekly Watch: June 30 – July 4, 2014

EUR/JPY

EUR/JPY 1 Hour Forex Chart

EUR/JPY 1 Hour Forex Chart

EUR/JPY is off on an early rally for this week, but it may be running into a potential wall at previous resistance around the previous week high (PWH).  Rangebound conditions are likely to continue, but if it does break higher, look for momentum players to jump in and spark a new leg up, possibly to the top WATR level.

  • WO: 138.40
  • Top WATR: 139.26
  • Bottom WATR: 137.54
  • PWH: 138.93
  • PWL: 137.92

GBP/JPY

GBP/JPY 1 Hour Forex Chart

GBP/JPY 1 Hour Forex Chart

Guppy is moving in a similar fashion with EUR/JPY thanks to broad Yen weakness to start off the week.  The top WATR level lines up with the PWL, so be wary of potential resistance there on quick profit taking from this unexpected rally.  If it does break, 174.00 may provide more resistance, but the real level to watch is 175.00 if it can get up there.

  • WO: 172.73
  • Top WATR: 173.83
  • Bottom WATR: 171.63
  • PWH: 173.83
  • PWL: 172.46

EUR/GBP

EUR/GBP 1 Hour Forex Chart

EUR/GBP 1 Hour Forex Chart

After a quickly early rally on Monday, sellers jumped in quickly to continue the pressure on EUR/GBP. The .8000 handle is proving to be a stubborn support level, but if it breaks we’ll most likely see the PWL and bottom WATR levels before the end of the week. If not, euro shorts may be inclined to take profit ahead of this week’s forex calendar, so be on the ready before those events come!

  • WO: .8012
  • Top WATR: .8053
  • Bottom WATR: .7972
  • PWH: .8034
  • PWL: .7976

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