Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Dec 04 08 08:47 GMT |

EUR/JPY The euro is weakening against the Japanese yen while momentum indicators are reflecting that the pair is oversold and providing buy signals over the medium term while direction indicators are starting to adjust to point to the upside over the short term; the hurdle against the upside wave remains the resistance level at 118.52 which the pair failed to breach in three attempts adding to that the pair might find some support form the medium term downside channel resistance; the upside targets over the medium term to short remain at 121.42 which resides with the 50 and 100 MA over four hour basis. Support: 117.06, 116.70, 116.38, 116.15, 115.85 Resistance: 118.52, 119.01, 119.47, 119.77, 120.50 GBP/JPY The pair managed to breach into the descending channel for the medium term and now trading within; momentum indicators are reflecting the provide the validity for further downside moves over the short term; the ADX on a daily basis shows the continued downside direction yet with weak momentum despite that the upside targets remain over the short term at 139.00 which resembles the end of the downside wave over the medium term along side the 50 MA over four-hour basis. Support: 136.00, 135.35, 135.07, 134.50, 133.85 Resistance: 136.80, 137.12, 137.61, 137.98, 138.27 EUR/GBP The euro continues to acquire more gains against sterling as momentum and direction indicators over the medium term still support the move; while the pair is trading in overbought areas over the short term yet still upside targets over the medium term are set at 0.8662 Support: 0.8616, 0.8600, 0.8578, 0.8560, 0.8546 Resistance: 0.8640, 0.8655, 0.8662, 0.8682, 0.8700 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.