Weekly Watch: October 22 to 26, 2012

There’s nothing quite like chilling at BabyPips.com HQ and having a weekend barbeque! The best part was definitely the homemade rabbit ears that my momma prepared! Deeeelicious!

But now it’s time to get off my lazy behind and get to work! Here are this week’s hot levels to keep an eye on!

EUR/JPY

EUR/JPY Hourly Chart

Up,up, and away! It seems that Kid Cudi’s album was on loop for the euro bulls last week, as EUR/JPY rallied a solid 300 pips from its lows last week! Now that the pair has backed off the 104.00 handle, we could see a retracement take place. I’d keep an eye on the cluster zone at the 102.00 MaPs and bottom WATR as a potential reentry point for those who want to add to their long positions.

  • WO: 103.20
  • Top WATR: 104.39
  • Bottom WATR: 102.01
  • PWH: 104.13
  • PWL: 101.02

GBP/JPY

GBP/JPY Hourly Chart

Just like EUR/JPY, Guppy staged a massive rally last week, rising 250 pips before cooling off at the 128.00 handle. If you’re in the bull camp, you can consider loading up on buy positions at around the 126.00 MaPs. On the other hand, if you’re siding with the bears, the 128.00 MaPs may prove to be a solid resistance point.

  • WO: 126.90
  • Top WATR: 128.02
  • Bottom WATR: 125.81
  • PWH: 128.24
  • PWL: 125.55

EUR/GBP

EUR/GBP Hourly Chart

Make that four in a row! For the fourth consecutive week, EUR/GBP trended higher, setting higher highs and higher lows. If you think the trend will continue, you may wanna consider hopping in on a break of the PWH and .8150 MiPs. On the flip side, if you think its bound for a bigger retracement, keep an eye out for the .8100 handle, as we could see some interest at that level.

  • WO: .8131
  • Top WATR: .8182
  • Bottom WATR: .8082
  • PWH: .8148
  • PWL: .8048

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