Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Oct 29 08 08:25 GMT |

EUR/JPY The Euro also managed to rise against the Japanese Yen as the pair was able to breach the 20 (4 hours) moving average at 119.27 which is followed by the 61.8% correctional level for the upside wave that started back in October 2000 and ended in July 2008 at 120.02, if the pair was able to settle above this level we believe it can reach the 129 levels over the upcoming period, however the momentum indicators are showing contradiction over different time spans which means that the pair might still fluctuate heavily on intraday basis. Support: 122.64, 122.28, 121.88, 121.37, 121.02 Resistance: 123.09, 123.39, 123.90, 124.25, 124.85 Recommendation: Buy above 119.95 with a target at 125.21 and a stop loss below 116.03 GBP/JPY The British Pound managed to rise back against the Japanese Yen after breaching a number of important levels including the 147.03, 149.13, and the 151.03, as each level provided the pair with huge upside momentum, however the momentum indicators are providing us with mixed signals on different time scales which leads us to believe that the pair is going to be fluctuating heavily today. Support: 155.62, 155.04, 154.54, 153.89, 153.31 Resistance: 156.03, 156.61, 157.10, 157.68, 158.26 Recommendation: Buy above 151.03 with a target at 157.70 and a stop loss below 147.03 EUR/GBP The Euro continued to fall against the British Pound as the pair breached the 0.7966 level which provided the pair with more downside momentum to drop below the 100 days moving average at 0.7922 and the 200 days moving average at 0.7913 which leads us to believe that the pair is going to continue its downside wave as long as it remains below those two levels. Support: 0.7887, 0.7866, 0.7842, 0.7822, 0.7804 Resistance: 0.7899, 0.7913, 0.7935, 0.7953, 0.7966 Recommendation: Sell below 0.7922 with a target at 0.7866 and a stop loss above 0.7966 Crown Forex disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.