Weekly Watch: December 12 to 16, 2011

Whoo! Those levels that we pointed out in last week’s Weekly Watch were right on the money! The bottom WATR/PWL on EUR/JPY held like a boss, and we were even able to make some pips off resistance at the PWH on EUR/GBP!

Now let’s take a look at this week’s critical levels and see what’s in store for us in the days to come!

EUR/JPY

EUR/JPY Hourly Chart

Lately, this pair has been responding very well to major psychological handles. Since the PWH and PWL line up perfectly with the 103.00 and 105.00 MaPs, I would continue keeping an eye on these levels!

  • WO: 103.86
  • Top WATR: 105.32
  • Bottom WATR: 102.38
  • PWH: 105.00
  • PWL: 103.01

GBP/JPY

GBP/JPY Hourly Chart

GBP/JPY looks like it’s content with trading sideways for now. That being the case, I think we’ll continue seeing it range between the PWH and the 121.00 MaPs this week… unless we see a major shift in sentiment, of course!

  • WO: 121.52
  • Top WATR: 122.88
  • Bottom WATR: 120.16
  • PWH: 122.31
  • PWL: 120.93

EUR/GBP

EUR/GBP Hourly Chart

I would keep an eye on .8500, .8550, and .8600 since these were established as areas of interest last week. Also, the .8550 MiPs is in the same area as the WO, just as the .8500 MaPs is just a few pips above the PWL.

  • WO: .8547
  • Top WATR: .8618
  • Bottom WATR: .8476
  • PWH: .8614
  • PWL: .8496
  • cyclopip

    EUR/GBP fast approaching the .8500 MaPs!

  • DummyRun

    MaPs…?  Moving Average Pivots?

    • cyclopip

      Major Psychological Levels (that that end in 00s).