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Weekly Watch: Nov. 11 – 15, 2013

The week looks to be much quieter in terms of economic data releases, so here are this week’s must-watch levels on EUR/JPY, GBP/JPY, and EUR/GBP to develop some consolidation and range plays!

EUR/JPY

We’re seeing a continued bounce higher in EUR/JPY from last week’s support around 131.23, with the pair currently hanging around the major psychological area around of 133.00. Since the week is light on tier 1 events, support and resistance plays may hold out well. Watch the PWH/top WATR levels to the 134.00 closely as they may draw in sellers.

EUR/JPY 1 hour forex chart
EUR/JPY 1 hour forex chart
  • WO: 132.48
  • Top WATR: 133.76
  • Bottom WATR: 131.21
  • PWH: 133.73
  • PWL: 131.23

GBP/JPY

Like its cousin above, guppy looks to be in consolidation mode, but with a few UK events this week, support & resistance breaks have a higher possibility of occurring. This means this pair may be a little bit trickier to trade, but with momentum currently in favor of a weaker yen, watch 159.00 to the PWH for a break-and-retest scenario.

GBP/JPY 1 hour forex chart
GBP/JPY 1 hour forex chart
  • WO: 158.75
  • Top WATR: 160.19
  • Bottom WATR: 157.31
  • PWH: 159.29
  • PWL: 156.63

EUR/GBP

This pair is clearly in a downtrend thanks to recent positive UK economic data, but we are seeing a pullback to the MaPs level of .8400 (a previous consolidation area). It’ll be prudent with this week’s UK data coming up to go into wait-and-see mode, but for those more slightly aggressive, this area could be the best chance to jump into the downtrend at a better price, IF the trend continues.

EUR/GBP 1 hour forex chart
EUR/GBP 1 hour forex chart
  • WO: .8345
  • Top WATR: .8403
  • Bottom WATR: .8288
  • PWH: .8477
  • PWL: .8299

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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.