Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Dec 08 08 09:13 GMT |

EUR/JPY The downside channel resistance level is set at 123.40 levels and the key support level seen at 112.70 which will lead the downside movement to the 100 moving average on the 4hours interval at 120.75 levels which is considered to a strong resistance level; despite the fact that the pair is heading to the upside but we witness that its heading toward overbought areas which will push the pair back to the downside, but today we expect to see the pair inclining back but its needs to close above 119.05 levels on the four hours interval first. The trading range for today remains between key resistance level at 123.40 and the key support level at 115.00. The general trend remain to the downside as far as 152.65 levels remain intact, targets are set at 113.00 and 108.10. Support: 119.00, 118.50, 117.60, 117.05, 116.70 Resistance: 119.80, 120.05, 120.90, 121.50, 122.85 GBP/JPY The pair bounced back from 138.2% correctional level which is apparent on the above picture to head into the upside channel, which we expect to extend further as the pair is trading above 100% correctional levels heading to higher to 139.05 levels setting 140.85 as a targets for the upside wave but 136.85 must remain intact. Trading range for today remains between the key resistance level at 144.40 and the key support level at 133.55. The general trend remain to the downside as far as 167.40 remain intact, targets are set at 134.30 and 122.65 levels. Support: 138.40, 137.65, 137.35, 136.40, 135.85 Resistance: 138.85, 139.60, 140.60, 141.25, 142.30 EUR/GBP The pair bounced back heavily from the resistance level before reaching the set targets that falls on 0.8775 levels in addition to 0.8820 levels as those targets fall on 127% and 138.2% correctional levels respectively which started on 13th of November 2008 and ended in 1st of December, as we consider this downside movement as a correctional movement for the upside movement. We expect to see the continuity of the correctional movement reaching to 0.8485 levels which fall on the 100 moving average on the four hour interval. The trading range for today falls between the key resistance level at 0.8820 and the key support level at 0.8350 The general trend is still to the downside as far as 167.40 remains intact, targets are set at 134.30 and 122.65 levels. Support: 0.8590, 0.8555, 0.8485, 0.8445, 0.8395 Resistance: 0.8665, 0.8690, 0.8715, 0.8775, 0.8820 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.