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EUR/JPY

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

So much for that short-term uptrend last week! EUR/JPY broke below the ascending channel support on its 1-hour chart, signaling that the tide has turned for the pair and that sellers could be gaining traction. After all, price already completed its retest of the broken support area and is testing the PWL. Stronger bearish pressure could take it down to the next floor at the bottom WATR and 120.00 major psychological level, and this week’s ECB statement might do the trick!

  • WO: 121.39
  • Top WATR: 122.57
  • Bottom WATR: 120.21
  • PWH: 123.73
  • PWL: 121.79

GBP/JPY

GBP/JPY 4-hour Forex Chart
GBP/JPY 4-hour Forex Chart

Guppy broke below the head and shoulders neckline last week (shoutout to my buddy Pipcrawler for catching that one!) and has gapped down over the weekend, indicating that bears are eager to push the pair much lower. However, price is hovering around the Fib levels, which line up with former resistance levels last year. There are several U.K. event risks on this week’s docket, including Prime Minister Theresa May’s Brexit speech, so y’all better brace yourselves for a topsy-turvy ride on this one.

  • WO: 137.38
  • Top WATR: 139.46
  • Bottom WATR: 135.30
  • PWH: 143.46
  • PWL: 138.93

EUR/GBP

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

Between the two European currencies which haven’t been faring so well these days, the euro has managed to outlast sterling and trigger an upside channel breakout for EUR/GBP. However, price could still fill the gap over the weekend and go for a quick retest of the broken channel resistance near the PWH and bottom WATR. Another wave of buying could take it up to the top WATR around the .8900 handle and beyond so make sure you keep tabs of this week’s catalysts from the U.K. and the euro zone.

  • WO: .8835
  • Top WATR: .8931
  • Bottom WATR: .8739
  • PWH: .8768
  • PWL: .8584

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