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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 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 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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This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.