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EUR/JPY has been forming lower highs recently, creating a descending triangle pattern visible on its 1-hour forex time frame. Price is currently bouncing off the triangle support near the week open price and might be due for a test of the resistance just above the 130.50 minor psychological marks.

EUR/JPY 1-hour Forex Chart
EUR/JPY 1-hour Forex Chart

Stochastic is making its way out of the oversold area, indicating that bulls are taking control, possibly even garnering enough strength to push for an upside breakout.

  • WO: 130.40
  • Top WATR: 131.58
  • Bottom WATR: 129.23
  • PWH: 132.03
  • PWL: 130.06


GBP/JPY 1-hour Forex Chart
GBP/JPY 1-hour Forex Chart

Time for a pullback? Guppy appears to be finding a floor at the previous week low and 169.00 major psychological mark. If pound bears are feeling exhausted from the recent drop, they could take a quick breather to allow a correction to the 38.2% Fib and top WATR near the 171.50 minor psychological level. A larger retracement could last until the 61.8% Fib and 173.00 handle, which is close to a broken short-term rising trend line.

  • WO: 169.44
  • Top WATR: 171.51
  • Bottom WATR: 167.37
  • PWH: 174.99
  • PWL: 168.99


EUR/GBP 1-hour Forex Chart
EUR/GBP 1-hour Forex Chart

Here’s another potential break-and-retest play! EUR/GBP appears to be hitting a ceiling around .7700 and the previous week high, hinting that a pullback might be in order.

Stochastic is heading south anyway, which means that buyers are taking a break. Drawing the Fibs on the latest rally shows that the 50% level lines up with an area of interest near the bottom WATR and broken trend line, which might hold as support.

  • WO: .7698
  • Top WATR: .7771
  • Bottom WATR: .7626
  • PWH: .7715
  • PWL: .7526

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