Weekly Watch: October 8 to 12, 2012

What an awesome weekend! I had a blast whoopin’ it up on the golf course, even though my score was in the high 90s. I blame the clubs though. Why don’t they make sets for one-eyed monsters? I’m sure there’s a market for it!

Anyway, it’s time to sit down and get to work! Here’s the latest release of the Weekly Watch to help everyone get started!

EUR/JPY

EUR/JPY Hourly Chart

Will the euro continue to soar? If you’re in the bull camp, I’d look for a potential retracement back down to the 101.00 area as a way to add to your long EUR/JPY positions. On the other hand, if you’re bearish on the euro, see how price action reacts if it tests the 103.00 MaPs, as it could signal the end of the euro’s recent rise.

  • WO: 102.49
  • Top WATR: 103.66
  • Bottom WATR: 101.32
  • PWH: 102.81
  • PWL: 99.78

GBP/JPY

GBP/JPY Hourly Chart

After peaking at 127.82 last week, GBP/JPY has come crashing down and is now below the 127.00 MaPs. Watch out for the former neckline just below 126.50, as traders may have their alerts set on that level. On the flip side, the 128.00 MaPs and top WATR could prove to be tough resistance for the pair this week.

  • WO: 126.88
  • Top WATR: 127.99
  • Bottom WATR: 125.81
  • PWH: 127.82
  • PWL: 125.53

EUR/GBP

EUR/GBP Hourly Chart

EUR/GBP trended higher last week, sticking within a rising channel. However, that could all come to an end, depending on how the pair reacts to the .8100 MaPs. If you’re planning to enter on a bigger retracement, the bottom WATR did serve as a resistance-turned-support level, so it could prove to generate some interest this week as well.

  • WO: .8075
  • Top WATR: .8127
  • Bottom WATR: .8023
  • PWH: .8078
  • PWL: .7943

Q3 2012 Trading Performance Review
Read about my trading framework
Follow me on MeetPips.com
Follow me on Twitter
Like my Facebook page
Join my circle on Google+