Technical Analysis for Crosses

Daily Forex Technicals | Written by Crown Forex | Feb 26 09 09:17 GMT |

EUR/JPY The pair is still affected negatively by the harmonic bearish pattern formed on the 4h chart and it's still trying to breach 61.8% Fibonacci level of the medium term decline started at 131.02 confirming that the PRZ (potential reversal zone) of the last upside move started at 111.96 areas is still in progress between 61.8% at 123.80 and 76.4 % levels at 126.50, hence we will keep our today's outlook to the downside as far as 126.50 remains unbroken. Note: Gator oscillator is still supporting the bearish overview and WILLIAM%R shows a clear overbought signal. Trading range for today is among key support at 121.50 and key resistance now at 128.40. The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels. Support: 123.80, 123.40, 122.90, 122.25, 121.50 Resistance: 124.50, 125.00, 125.60, 126.50, 127.30 Recommendation According to our analysis, we believe that it is good to sell the pair cautiously {because the potential reversal zone is still under construction between 123.80 and 126.50 areas } with a four hour close below 124.20 with targets at 122.50 and stop loss with a four hour close above 125.60. GBP/JPY The pair reached all our targets yesterday followed by a normal technical retrace and profit taking movements that pushed it upward above 139.00 areas but studying shorter time frames shows that the pair doesn't have enough momentum to incline further more influenced by lots of negative effects as shown on the hourly above chart so that we expect more downward move today targeting the lower line of pitchfork's channel as far as 143.75 remains unbroken. Notes: 1- Settling below TEMA 20 value supports the bearish outlook 2- Despite RSI is neutral but STOCKSTICK is still affected by the bearish sign appearing on the chart. Trading range for today is among key support at 134.90 and key resistance at 145.00. The general trend is to the downside as far as 148.20 remains intact with target at 116.00 levels. Support: 138.40, 137.70, 136.65, 135.50, 134.90 Resistance: 139.60, 140.50, 141.50, 142.30, 143.25 Recommendation: According to our analysis, we believe that it is good to sell the pair with a four hour close below 139.00 with targets at 137.30 and stop loss with a four hour close above 140.40. EUR/GBP The royal pair respected our yesterday's mid-day report bullish scenario influenced by the price action stability above 23.6% Fibonacci that helped it to reach 38.2% of the at 0.8980 areas represent (cluster resistance) which might be able to prevent the pair from preceding the upward recovery, therefore we expect downside move as far as 0.9070 remains unbroken, this bearish overview for intraday basis is based on bearish candle stick formation besides the clear bearish signal appears on the STOCKSTICK as shown on the above chart Trading range is among the key support 0.8720 and key resistance now at 0.9180. The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels. Support: 0.8902, 0.8850, 0.8800, 0.8765, 0.8720 Resistance: 0.8950, 0.8980, 0.9020, 0.9070, 0.9130 Recommendation: According to our analysis, we believe that it is good to sell the pair with a four hour close below 0.8930 with targets at 0.8820 and stop loss with a four hour close above 0.9040 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.