Technical Analysis for Crosses

Daily Forex Technicals | Jul 03 09 06:18 GMT |

GBP/JPY Influenced by the strong resistance areas of 61.8% Fibonacci, the pair declined aggressively, reaching our detected target -check it here-. Now, Sterling vs. Japanese yen has found a solid technical support of the golden Fibonacci expansion ratio as seen on the above four-hour chart, which helped it to form a bullish candlestick pattern that helps us to say an upside correctional movement is highly predicted on the intraday basis, particularly if it closed above 157.30 zones -38.2% Fibonacci retracement- as this expected closing will be able to activate the indicators to adjust upwards. Trading range for today is among key support at 153.20 and key resistance at 161.50. The general trend is to the downside as far as 167.45 remains intact with target at 116.00. Support: 156.90, 156.25, 155.55, 155.00, 154.70 Resistance: 157.75, 158.25, 159.00, 159.35, 160.00 Recommendation: According to our analysis, buy the pair at 157.30 with targets at 159.35 and stop loss at 155.60. EUR/JPY The pair declined sharply and consecutively yesterday, activating all negative signs appearing on the four-hour chart. Finally it found a solid support around 133.50 zones, which helped it to form a bullish candlestick structure connected with a closing above the cluster Fibonacci level around 134.15. Hence an upside movement is highly predicted on the intraday basis, supported by the positive sign appearing on the RSI 14 Trading range for today is among key support at 131.40 and key resistance now at 137.35. 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: 134.15, 133.60, 133.00, 132.50, 132.00 Resistance: 134.90, 135.55, 136.15, 136.65, 137.10 Recommendation: According to our analysis, buy the pair at 134.30 with targets at 136.20 and stop loss at 132.70. EUR/GBP Respecting our mid-day's analysis yesterday, the pair declined to correct the upside movements which was limited at 0.8630 zones. Now, the pivotal support zones at 0.8525 zones have helped the royal pair to form a bullish candlestick structure. Therefore we think that the short term bullishness is about to continue to activate the head and shoulders bottom pattern as seen on the above four-hour chart, supported by the bears power decreasing while the Dynamic Zones RSI indicator started to offer a positive sign. Trading range is among the key support at 0.8370 and key resistance now at 0.8700. 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: 0.8525, 0.8500, 0.8465, 0.8420, 0.8400 Resistance: 0.8560, 0.8605, 0.8630, 0.8665, 0.8700 Recommendation: According to our analysis, buy the pair at 0.8550 with targets at 0.8645 and stop loss at 0.8475. 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