I'm sure that after seeing last Friday's crazy moves that you're all pumped and excited to dive right into trading, so I ain't gonna waste any more time. Here are this week's charts on EUR/JPY, GBP/JPY, and EUR/GBP!
Now that EUR/JPY has broken out of consolidation, I think the way to approach this pair is to catch a retracement. Though it's still a distance away, 99.00 will probably draw interest if price finds itself near this level again. Up north, I'll also be watching for a clean break (or bounce off) of 100.50.
- WO: 100.22
- Top WATR: 101.34
- Bottom WATR: 99.10
- PWH: 100.43
- PWL: 97.99
The 125.00 major psychological level was an area of interest in the past, so I think it would be wise to watch out for a bounce or break in this zone. If sellers can push below this level, their next stop could be the 124.00 handle, where the previous week's low is set.
- WO: 125.34
- Top WATR: 126.44
- Bottom WATR: 124.24
- PWH: 126.21
- PWL: 123.90
The must-watch horizontal levels on EUR/GBP are crystal clear - .8000 and .7950! A break above the .8000 confluence zone will probably see this pair rise to new heights, while .7950 presents a potential retracement zone for those of you who feel bullish for the euro.
- WO: .7998
- Top WATR: .8048
- Bottom WATR: .7948
- PWH: .8003
- PWL: .7887
- Weekly Watch: September 24 to 28, 2012 22:58 23 September 2012
- Weekly Watch: December 17 to 21, 2012 22:00 16 December 2012
- Weekly Watch: March 11 to 15, 2013 01:47 11 March 2013
- Weekly Watch: October 1 to 5, 2012 22:30 30 September 2012
- Weekly Watch: November 12 to 16, 2012 21:26 11 November 2012