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EUR/JPY

EUR/JPY 1 Hour Forex Chart
EUR/JPY 1 Hour Forex Chart

A nice little bounce for EUR/JPY at the end of last week–thanks to Greece and the rest of the EU coming to a bailout extension deal–keeping the market in its slow grind higher over the past few weeks.

Even with Greece’s financial problems kicked down the road for another four months, I don’t think we’ll see an upside breakout because Europe’s issues go beyond Greece and economics, nor do I think the consolidation support area around 134.00 will draw in sellers because of the short-term Greece resolution. I think more consolidation is in the cards barring a major surprise, with 134.00 and 137.00 as my potential reversal targets.

  • WO: 135.83
  • Top WATR: 137.33
  • Bottom WATR: 134.32
  • PWH: 136.23
  • PWL: 133.55

GBP/JPY

GBP/JPY 1 Hour Forex Chart
GBP/JPY 1 Hour Forex Chart

Like EUR/JPY above, Guppy also moved in sideways action, but also maintaining its longer-term trend higher. For me, I’m watching for a pullback to the PWL and bottom WATR levels (which also happen to line up with a 38% Fibonacci retracement level) for potential buyers support.  And I think if it is retested, buying support could come all the way down to the 179.00 handle unless we get a very disappointing U.K. GDP number or any other global risk-off sentiment surprise. And of course, if the PWH around 184.00 breaks, then we could see the momentum players come in to push this trend higher.

  • WO: 183.45
  • Top WATR: 184.28
  • Bottom WATR: 181.66
  • PWH: 184.21
  • PWL: 181.55

EUR/GBP

EUR/GBP 1 Hour Forex Chart
EUR/GBP 1 Hour Forex Chart

EUR/GBP went no where fast last week, staying with a 100 pip range and closing right around its opening price around the major psychological handle of .7400.  With the market moving sideways, the picture does change a little bit for me in that I should consider a consolidation breakout. But for now, my bearish position hasn’t changed and I will continue to keep my EUR/GBP short orders open for now, especially since the Greece news should bring the market up to my desired short levels.

  • WO: .7402
  • Top WATR: .7462
  • Bottom WATR: .7343
  • PWH: .7444
  • PWL: .7340

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