Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Jun 29 09 06:30 GMT |

The pair is still developing its temporary bullishness as we discussed before. The strong resistance around 158.25 zones forced it to pullback mildly this past Friday before the weekly closing, but we still see that it gathers the momentum it needs around 23.6% Fibonacci of the short term decline around 157.25 zones in order to reach the projected technical target of 160.55 -76.4% Fibonacci – which represents the ideal correction for the mentioned first wave of the expected medium term negative direction, resuming our captured Elliott sequence. Hence our anticipation will be to the upside on the intraday basis. GBP/JPY The pair is still developing its temporary bullishness as we discussed before. The strong resistance around 158.25 zones forced it to pullback mildly this past Friday before the weekly closing, but we still see that it gathers the momentum it needs around 23.6% Fibonacci of the short term decline around 157.25 zones in order to reach the projected technical target of 160.55 -76.4% Fibonacci – which represents the ideal correction for the mentioned first wave of the expected medium term negative direction, resuming our captured Elliott sequence. Hence our anticipation will be to the upside on the intraday basis. Trading range for today is among key support at 153.60 and key resistance at 162.25. The general trend is to the downside as far as 167.45 remains intact with target at 116.00. Support: 156.90, 156.50, 155.80, 155.00, 154.45 Resistance: 157.60, 158.20, 158.95, 159.40, 160.00 Recommendation: According to our analysis, buy the pair at 157.30 with targets at 160.00 and stop loss at 155.00. EUR/JPY The European currency vs. Japanese yen is struggling to clear the path for activating 2 short term positive scenarios, the first is the classical [head & shoulders] bottom pattern and the second is an anticipated CD leg for a harmonic pattern. Therefore the positive scenario is still in favor on the intraday basis. Note that the RSI 14 indicator is carried above the broken momentum trend line, supporting our scenario. Trading range for today is among key support at 131.40 and key resistance now at 137.40. 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: 133.45, 132.80, 132.10, 131.40, 131.00 Resistance: 134.15, 134.70, 135.25, 136.00, 136.70 Recommendation: According to our analysis, buy the pair at 133.50 with targets at 135.80 and stop loss at 131.50 EUR/GBP The royal pair is still developing a bullish scenario as seen on the hourly chart which provides us with an intraday CD leg of a harmonic Crab pattern with a potential reversal zones around 0.8635 which represent 127% of XA leg. These areas will be seen as a first target as a breakout occurs above it will open a new path towards 0.8660 zones. RSI 14 shows a clear oversold sign, supporting our positive scenario. Trading range is among the key support at 0.8370 and key resistance now at 0.8665. 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: 0.8460, 0.8420, 0.8400, 0.8370, 0.8350 Resistance: 0.8525, 0.8565, 0.8610, 0.8635, 0.8665 Recommendation: According to our analysis, buy the pair at 0.8500 with targets at 0.8610 and stop loss at 0.8420. 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