Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Mar 20 09 06:16 GMT |

EUR/JPY Despite the sideways actions confirmed clearly on the Gator indicator as shown on the above chart but approaching the full correction level of the whole medium term decline started at 131.02 is still pressuring the pair in addition to the decreasing bulls appearing on the indicator .Hence we expect a downside wave today as far as 131.00 remains unbroken. A clear break below 128.60 (SMA 20) will accelerate the action and will force the pair to enter the broken channel again to retest 76.4% Fibonacci level at 126.50 before defining the next step. Trading range for today is among key support at 123.85 and key resistance now at 132.50. 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: 128.60, 128.00, 127.30, 126.50, 126.00 Resistance: 129.65, 130.20, 130.75, 131.50, 132.50 Recommendation: According to our analysis, we believe that it is good to sell the pair at 129.20 with targets at 127.50 and stop loss at 130.60. GBP/JPY Three previous candles of 4h time frame before the current candle closed below 137.40 (very critical point) confirming our expected bearish scenario of our yesterday's mid-day report pressured by the middle line of the Bollinger band and trading below TEMA 20 indicator. Therefore we expect more declines on the intraday basis as far as 138.20 remains intact .This drop will be accelerated if the pair succeeded to breach and close below 76.4% Fibonacci again. Carefully note that Stockstick's negative overlapping supports this bearish scenario. Trading range for today is among key support at 132.50 and key resistance at 141.50. The general trend is to the downside as far as 148.20 remains intact with target at 116.00 Support: 136.50, 135.90, 135.00, 134.25, 133.20 Resistance: 137.30, 138.00, 138.60, 139.40, 140.00 Recommendation: According to our analysis, we believe that it is good to sell the pair at 136.75 with targets at 135.00 and stop loss at 138.20 EUR/GBP The royal pair collected the power it needs around 0.9390 (initial support areas) exactly as we expected followed by an obvious candle formation confirming our yesterday's bullish scenario towards the full correction areas at 0.9525 areas supported by a positive Stockstick overlapping .We note that the value of SMA 20 is increasing gradually as it started to breach the previous consolidation areas around 0.9350 zones now and more expected positive actions are highly anticipated as far as 0.9350 remains unbroken . Trading range is among the key support 0.9240 and key resistance now at 0.9650. 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: 0.9400, 0.9350, 0.9300, 0.9260, 0.9200 Resistance: 0.9480, 0.9520, 0.9575, 0.9600, 0.9665 Recommendation: According to our analysis, we believe that it is good to buy the pair at 0.9430 with targets at 0.9520 and stop loss at 0.9350. Ecpulse disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, 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, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk