Daily Chart Art – September 3, 2012

EUR/USD: 4-hour

EUR/USD 4-hour Chart

First up, lemme holla at all them euro bulls! This one’s for you playas! This pair’s been on a solid rise recently, steadily climbing from 2-year lows. For now, keep an eye out for the rising trend line and 1.2500 handle, as this could serve as solid support. Once you see some reversal candlesticks form and Stochastic hit oversold territory, you know what to do!

EUR/JPY: 1-hour

EUR/JPY 1-hour Chart

Looks like EUR/JPY is doing what it does best – ranging! The pair is now bouncing between the 98.00 and 99.00 psychological levels, with price action now dropping and approaching the strong support level. Will this bad boy hold or are we in for some new lows? I suggest waiting for some candlestick confirmation before loading up on any long positions at 98.00.

GBP/JPY: 1-hour

GBP/JPY 1-hour Chart

Lastly, here’s my take on Guppy. The pair appears to be forming a descending channel, as it’s been forming lower highs and lower lows. Now that price has bounced off the falling resistance line, we could see the pair drop and make new lows. Pay special attention to the 123.00 handle, as it lines up with the bottom of the channel. I wouldn’t be surprised if we see the bulls waiting at that area, waiting for an opportunity to pounce!

To get the complete picture and avoid getting blindsided by economic data, you also have to do your fundamental analysis.

Lucky for us, Pip Diddy fills us in on what we need to know about fundamentals with his Daily Forex Fundamentals.