Technical Analysis for Crosses

Daily Forex Technicals | Written by ecPulse.com | Nov 17 09 08:12 GMT |

GBP/JPY Over four-hour basis, the pair is obviously trading sideways within the proposed symmetrical triangle pattern (CT); we still believe that the pair will rise to test the resistance level for this pattern's top complete the proposed D wave. The upside potential remains valid for today as far at 149.10 is intact with four-hour closings. The trading range for today is among key support at 144.10 and key resistance at 154.00. The general trend is to the downside as far as 167.40 remains intact with target at 116.00. Support: 149.55, 149.10, 148.80, 147.85, 147.00 Resistance: 150.00, 150.75, 151.25, 151.75, 152.30 Recommendation: Based on the charts and explanations above our opinion is buying the pair from 149.55 targeting 150.75 and stop loss below 148.75 might be appropriate EUR/JPY The proposed waves' scenario has not been altered; yet we can see that the pair has settled below the 50% correction at 133.75 which makes us reassess the correctional waves and points to the failure of the proposed waves' scenario for yesterday. We can now see that the pair needs to decline to retest the 132.65 maybe extending towards 131.80; despite the fact that the general expectations support the pair's return to the upside yet today we see that the euro might drop against the Japanese yen. The trading range for today is among key support at 131.25 and key resistance now at 135.50. 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: 133.00, 132.65, 132.00, 131.80, 131.25 Resistance: 133.75, 134.30, 134.90, 135.50, 136.00 Recommendation: Based on the charts and explanations above our opinion is selling the pair from 133.30 targeting 131.80 and stop loss above 134.40 might be appropriate EUR/GBP Trading below 0.8890 opened the door for further downside moves for the pair reaching 0.8840 and maybe towards 61.8% at 0.8790. We can see on the chart above that ADX is providing downside signals while trading below the 20 MA assures that. The classic bearish pattern seen on the secondary image assures our expectations for the day for a possible downside move. The trading range is among the key support at 0.8790 and key resistance now at 0.9205. 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: 0.8865, 0.8820, 0.8800, 0.8790, 0.8720 Resistance: 0.8905, 0.8930, 0.8975, 0.9000, 0.9030 Recommendation: Based on the charts and explanations above our opinion is selling the pair from 0.8890 targeting 0.8790 and stop loss above 0.8950 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