Forex Technical Analysis: EUR, JPY, CHF, GBP

Posted by: : Paul EbelingPosted on: April 22, 2015 Forex Technical Analysis: EUR, JPY, CHF, GBP
 

Forex Technical Analysis: EUR, JPY, CHF, GBP

Euro (EUR)

EUR closed lower Tuesday.

The mid-range close set the stage for a steady to higher open Wednesday.

Stochastics and the RSI are turning Neutral to Bearish indicating that sideways to lower prices are possible near term.

If the single currency resumes this month’s decline, the March low crossing is the next Southside target.

Japanese Yen (JPY)

JPY closed higher Tuesday confirming Monday’s Key reversal day.

The mid-range close set the stage for a steady to higher open Wednesday.

Stochastics and the RSI turned Neutral to Bullish indicating that a short term bottom is in or close.

If JPY extends this week’s rally, the reaction high crossing is the next Northside target.

Closes below the March low crossing are needed to re-start the decline off of the March highs.

Swiss Franc (CHF)

Suisse closed lower Tuesday.

The mid-range close set the stage for a steady to lower open Wednesday.

Stochastics and the RSI are converging but are still Neutral to Bearish indicating that sideways to lower prices are possible near term.

If CHF extends last week’s decline, the 38% Fibo retracement mark of the January-March decline crossing is the next Southside target.

Closes above last Monday’s high crossing will confirm that a triple bottom is in.

Great British Pound (GBP)

Cable closed higher Tuesday.

The mid-range close sets the stage for a steady to higher open Wednesday.

Stochastics and the RSI are turning Neutral to Bearish indicating that a short term top is in of close.

Closes below the 10-Day MA crossing will confirm that a short term top is in.

If GBP extends the rally off of its April lows, the reaction high crossing is the next Northside target.

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After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method, technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period.

Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader.

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Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.

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