Forex Technical Analysis: EUR, JPY, CHF, GBP

Posted by: : Paul EbelingPosted on: June 16, 2015 Forex Technical Analysis: EUR, JPY, CHF, GBP
 

Forex Technical Analysis: EUR, JPY, CHF, GBP

Euro (EUR)

EUR closed higher Monday.

The high range close set the stage for a steady to higher open Tuesday.

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

If the single currency extends the decline off of the May high, May low crossing is the next Southside target.

Closes above the reaction high crossing are needed to confirm that a low is in.

Japanese Yen (JPY)

JPY closed lower Monday, but above the 20-Day MA.

The mid-range close set the stage for a steady open Tuesday.

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

Closes below last Wednesday’s low crossing are needed to confirm that a high is in.

If JPY renews this year’s rally, the monthly support crossing is the next Northside target.

Swiss Franc (CHF)

Suisse closed higher Monday.

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

Stochastics and the RSI are Neutral indicating that sideways trading is possible near term.

If CHF resumes the decline off of the May highs, the reaction low crossing is the next Southside target.

Closes above May’s high crossing will renew the rally off of the May low opening the way for a test of the reaction high crossing.

Great British Pound (GBP)

Cable closed higher Monday.

The high range close set the stage for a steady to higher open Tuesday.

Stochastics and the RSI are Neutral to Bullish indicating that sideways to higher prices are possible near term.

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

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

 

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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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