Forex Technical Analysis: EUR, JPY, GBP

Posted by: : Paul EbelingPosted on: November 25, 2014 Forex Technical Analysis: EUR, JPY, GBP

Forex Technical Analysis: EUR, JPY, GBP

Euro

EUR closed higher Monday.

The high range close set the stage for a steady to higher opening when Tuesday’s US market opens for trade.

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

If the single currency renews this Summer’s fall, the monthly support crossing is the next Southside target.

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

Japanese Yen

JPY closed higher Monday. The highrange close sets the stage for a steady to higher opening when Tuesday’s US market opens for trade.

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

If JPY extends this Fall’s rally, the weekly resistance crossing is the next Norhtside target.

Closes below the 20-Day MA crossing will confirm that a short term high is in.

Great British Pound (GBP)

Cable closed higher Monday.

The high range close sets the stage for a steady to higher opening when Tuesday’s US market opens for trade.

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

Closes above the 20-Day MA crossing will confirm that a low is in.

If GBP extends the decline off off its July high, the 75% Fibo retracement mark of the rally crossing is the next Southside target.

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.

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.

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.

Stay tuned…

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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.
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