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EUR/JPY

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

Looks like the top of the range I was eyeing last week held like a boss! EUR/JPY is now back to the bottom and about to test the floor near the 121.00 major psychological level and previous week low. If this area keeps losses in check, the pair could bounce right back up to the range resistance around 121.00 to 121.50 and the previous week high. Stochastic seems to be making its way out of the oversold area so sellers might be taking a break and buyers could regain control.

  • WO: 121.40
  • Top WATR: 122.53
  • Bottom WATR: 120.28
  • PWH: 123.17
  • PWL: 121.01

GBP/JPY

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

Guppy seems to be following through on its short-term trend line break and is now forming a classic reversal formation. A head and shoulders pattern can be seen on the pair’s 1-hour time frame and price is testing the neckline around the 140.50-141.00 levels, which are also in line with the PWL. A break below this support could confirm that the pair is in for a 400-pip drop, which is roughly the same height as the chart pattern.

  • WO: 140.43
  • Top WATR: 142.46
  • Bottom WATR: 138.41
  • PWH: 144.79
  • PWL: 140.39

EUR/GBP

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

Here’s another pair that’s hinting at a potential sterling selloff! EUR/GBP just completed its double bottom formation on its 1-hour time frame after failing to break below the .8500 handle in its last two attempts. Price is now hovering around the neckline at .8600-.8650, which coincides with the PWH. A break past this level could take price up by at least a hundred pips until the next ceiling at the top WATR.

  • WO: .8643
  • Top WATR: .8734
  • Bottom WATR: .8553
  • PWH: .8632
  • PWL: .8490

Q4 2016 Trading Performance Review
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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.