Technical Analysis for Crosses

GBP/JPY

Yesterday's candlestick closing succeeded in activating an obvious negative crossover on Stochastic indicator. Thus; we believe that the bearishness which is obtained from our suggested Elliott count of the bigger picture might continue over intraday basis. Note that, a break of 134.60 will ease the way for achieving aggressive downside actions.

The trading range for the week is among key support at 131.60 and key resistance at 139.10.

The general trend is to the downside as far as 167.40 remains intact with target at 116.00.

Support: 134.60, 133.90, 133.60, 132.90, 131.55
Resistance: 135.50, 136.20, 136.95, 137.40, 138.40

Recommendation Based on the charts and explanations above our opinion is, selling the pair from 135.00 targeting 132.90 and stop loss above 136.95 might be appropriate.

EUR/JPY

In line with our yesterday's bearish harmonic speculation, the EUR/JPY pair slipped sharply as seen on the provided daily chart. The mild bounce occurred from around 121.40 should be seen as a normal correction to relieve the momentum indicator which was stuck with oversold signs. Now, the negative effect from our captured harmonic pattern might continue over intraday basis. Note that, Stochastic approaches the overbought areas.

The trading range for today is among key support at 119.40 and key resistance now at 125.00.

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: 122.10, 121.70, 120.90, 120.00, 119.40
Resistance: 122.80, 123.15, 123.60, 124.15, 125.00

Recommendation Based on the charts and explanations above our opinion is, selling the pair from 122.55 targeting 120.95 and stop loss above 123.60 might be appropriate

EUR/GBP

Once more, a new attempt to stabilize above the key levels of 0.9070, which have turned into a support during the Asian session, confirming that the harmonic CD leg of our suggested harmonic formation is still in progress. The PRZ might be completed around 0.9290 zones. Accordingly, an upside move could be seen today unless a decisive breakout occurs below 0.8985 zones.

The trading range is among the key support at 0.8905 and key resistance now at 0.9290.

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: 0.9070, 0.9030, 0.9000, 0.8965, 0.8935
Resistance: 0.9115, 0.9140, 0.9170, 0.9205, 0.9240

Recommendation Based on the charts and explanations above our opinion is, buying the pair from 0.9070 targeting 0.9170 and stop loss below 0.8990 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