Daily Chart Art – February 3, 2011

EUR/JPY: 4-hour

EUR/JPY Chart

Yowza! Bears are lookin’ smoking hot, hot, hot on the 4-hour time frame of EUR/JPY! It seems like there aren’t enough bulls to push the pair past the resistance at the 50% Fibonacci retracement level and with Stochastic showin’ off a bearish divergence, could sellers push the pair back down to 111.50? Hmmm… Now, before you get too excited joining the bear camp, you may want to be on your guard for a strong bullish candlestick because that may just signal that buyers could give 114.00 another shot.

EUR/CHF: 4-hour

EUR/CHF Chart

Bulls, beware! EUR/CHF is currently testing 1.3000, a major resistance level that has strongly held in the past. Will it break or will it hold? With Stochastic showing that conditions are overbought, it looks like we could see the bears take over and bring the pair back down to former lows at 1.2800! But just in case we see an upside break, expect the bulls to take the pair to 1.31000.

EUR/GBP: 1-hour

EUR/GBP Chart

Lastly, get dibs on EUR/GBP crusin’ down the charts on a descending channel. It looks like bulls used the bottom of the channel as a springboard. However, with the pair now making a handful of dojis and spinning tops, it seems like buyers and sellers are neck-and neck in their joust for pips. Make sure you check out Pip Diddy‘s blog for today. See if we have anything on tap that could help bulls zoom all the way up to the top of the channel at around 0.8570, or if the bears have something up their sleeves to hustle the pair past support at the 0.8500 handle.