Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Oct 09 09 06:07 GMT |

GBP/JPY The pair inclined aggressively, approaching the detected technical target of yesterday's analysis-check it here-. Thus; the previous discussed upside corrective rally towards the broken neckline of our captured daily double top around 147.00 zones has been activated. The daily candlestick formation in addition to the positive sign appearing on RSI 14 supports the intraday bullish outlook. Trading range for today is among key support at 138.70 and key resistance at 147.00. The general trend is to the downside as far as 167.40 remains intact with target at 116.00. Support: 142.60, 141.90, 141.00, 140.60, 139.70 Resistance: 143.40, 144.00, 144.95, 145.50, 146.20 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 142.60 targeting 145.20 and stop loss below 140.60 might be appropriate EUR/JPY The sharp inclines have activated the minor inverted head and shoulders pattern that may be able to confirm the harmonic structure which still has targets to be reached around 132.50 and may extend further towards 134.15 areas. As we see on the provided four-hour chart that the pair is moving freely above SMA20 - currently valued at 130.70 [resistance turned into a solid support], confirming the intraday bullish scenario. Trading range for today is among key support at 128.30 and key resistance now at 134.15. 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: 130.70, 130.05, 129.60, 129.00, 128.30 Resistance: 132.00, 132.50, 133.10, 133.60, 134.15 Recommendation: Based on the charts and explanations above our opinion is, buying the pair from 131.20 targeting 133.15 and stop loss below 129.70 might be appropriate EUR/GBP The strong resistance that the royal pair has found around 61.8% Fibonacci level has forced it to form a dark cloud candlestick formation as seen on the secondary image. This declining movement has assisted it to breach the minor uptrend line. Stochastic has overlapped negatively, supporting the bearish overview for today. A break of 0.9130 may accelerate the bearish action towards 0.9070 followed by 0.9030 zones. Trading range is among the key support at 0.9000 and key resistance now at 0.9420. 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: 0.9130, 0.9070, 0.9030, 0.9000, 0.8960 Resistance: 0.9205, 0.9235, 0.9260, 0.9300, 0.9340 Recommendation: Based on the charts and explanations above our opinion is, selling the pair from 0.9205 targeting 0.9100 and stop loss above 0.9280 might be appropriate. 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