Weekly Watch: Oct. 31-Nov. 3, 2016

EUR/JPY

EUR/JPY 4-hour Forex Chart

EUR/JPY 4-hour Forex Chart

EUR/JPY had a steady ascent last week and could keep climbing up to the long-term range resistance at the 116.00 major psychological mark, which coincides with the top WATR. If that area holds as a ceiling, the pair could turn lower and eventually make its way down to the bottom of the range around 113.00 or at least until the middle at 114.50. Stochastic is already indicating overbought conditions, which suggests that euro bears could regain control of price action soon.

  • WO: 114.87
  • Top WATR: 116.08
  • Bottom WATR: 113.67
  • PWH: 115.34
  • PWL: 112.84

GBP/JPY

GBP/JPY 1-hour Forex Chart

GBP/JPY 1-hour Forex Chart

Guppy was rejected on its test of the rising channel resistance visible on the 1-hour forex chart. Price might make its way back down towards support around the 127.00 major psychological level, but it seems as though the mid-channel area of interest and WO could hold as a floor. Stochastic is already turning up from the oversold zone so pound bulls could get back in the game and push for another test of resistance at the previous week high. Volatility could pick up and cause a breakout, depending on how the BOE decision turns out!

  • WO: 127.45
  • Top WATR: 129.59
  • Bottom WATR: 125.32
  • PWH: 128.42
  • PWL: 126.61

EUR/GBP

EUR/GBP 4-hour Forex Chart

EUR/GBP 4-hour Forex Chart

EUR/GBP also made a strong advance last week but price seems to be hitting a barrier at the area of interest around .9000. Stochastic is in overbought territory and is starting to head south to show that sellers are trying to regain control, possibly pushing price back down to the lows near .8900. A break past the .9000 resistance and PWH could lead to a move up to the top WATR at .9100, with the BOE decision likely determining where this pair might go next.

  • WO: .9014
  • Top WATR: .9112
  • Bottom WATR: .8917
  • PWH: .9017
  • PWL: .8881

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