Weekly Watch: February 4 to 8, 2013

Just finished watching the Superbowl and boy, what a game! The Niners almost completed the comeback but they kind of dug themselves into too big hole! Congratulations to the Ravens for winning the championship!

I hope y’all learned a thing or two from watching the Superbowl — that is, you have to play a complete game if you wanna win the big one! As for us traders, we gotta come in focused right at the start of the week so that we can put ourselves in the best position to grab some pips! This includes doing our pre-market routines and lining up our charts with all the hot technical levels to keep an eye one!

EUR/JPY

EUR/JPY Hourly Chart

Once again, this bad boy climbed to new highs as there was simply no stopping the euro. If you’re looking to hop on that buyers’ bandwagon, you can consider waiting for a retracement back to the 125.00 MaPs and bottom WATR area. On the flip side, I’m interested to see whether the bulls have enough energy to burst through the PWH and 127.00 MaPs.

  • WO: 126.58
  • PWH: 126.97
  • PWL: 121.21
  • Top WATR: 128.21
  • Bottom WATR: 124.94

GBP/JPY

GBP/JPY Hourly Chart

Plenty of potential setups on Guppy this week! If you think the recent rally is coming to an end, take note of how price action reacts to the top WATR and 147.00 handle. On the other hand, if you’re looking to jump in on a retracement, I think we could see a ton of interest at the 144.00 and bottom WATR confluence zone, as it has acted as a resistance point the past two weeks.

  • WO: 145.57
  • PWH: 146.49
  • PWL: 141.91
  • Top WATR: 144.05
  • Bottom WATR: 147.15

EUR/GBP

EUR/GBP Hourly Chart

Didn’t I say the euro was on fire?! Just like that, EUR/GBP is now making a run at the .8700 handle. The question is, will it hold? A solid candle close above that level could open the floodgates for a move to the .8800 and .8900 MaPs. However if you favor a retracement setup, pay attention to how the bottom WATR (.8636) holds up.

  • WO: .8692
  • PWH: .8718
  • PWL: .8527
  • Top WATR: .8748
  • Bottom WATR: .8636

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