Weekly Watch: Oct. 24-28, 2016

EUR/JPY

EUR/JPY 1-hour Forex Chart

EUR/JPY 1-hour Forex Chart

EUR/JPY made a quick pullback to that descending trend line I was watching last week then eventually resumed its slide below the previous lows. Another potential pullback play seems to be lining up this week, with potential resistance located around the 113.50 minor psychological resistance and stochastic edging close to the overbought zone. If the trend line keeps gains in check, price could head back to the PWL or the bottom WATR.

  • WO: 113.00
  • Top WATR: 114.21
  • Bottom WATR: 111.80
  • PWH: 114.66
  • PWL: 112.60

GBP/JPY

GBP/JPY 1-hour Forex Chart

GBP/JPY 1-hour Forex Chart

Pound bears are at it again, pushing Guppy below that symmetrical triangle consolidation pattern from the previous week. Price pulled up for a quick retest of the broken support, which appears to be holding as resistance for now. Stochastic seems to be turning lower from the overbought zone so sellers could be taking over, possibly pushing the pair to the PWL or all the way down to the bottom WATR near the triangle lows, depending on how the U.K. GDP turns out or what Brexit-related headlines say.

  • WO: 126.95
  • Top WATR: 129.21
  • Bottom WATR: 124.69
  • PWH: 128.17
  • PWL: 126.13

EUR/GBP

EUR/GBP 1-hour Forex Chart

EUR/GBP 1-hour Forex Chart

EUR/GBP seems to be forming a descending channel after last week’s rally and reversal. Price is hovering around the channel support for now but could be due for a bounce back to the resistance around the .8950 minor psychological level since stochastic is heading north. A break past the top of the channel and the .9000 barrier near the top WATR, however, could indicate a reversal from this selloff.

  • WO: .8902
  • Top WATR: .9003
  • Bottom WATR: .8802
  • PWH: .9058
  • PWL: .8861

Q3 2016 Trading Performance Review
Risk disclosure
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page