Forex Technical Analysis: EUR, JPY, GBP

Posted by: : Paul EbelingPosted on: December 17, 2014 Forex Technical Analysis: EUR, JPY, GBP

Forex Technical Analysis: EUR, JPY, GBP

Euro

EUR closed higher Tuesday.

The high range close set the stage for a steady to higher opening when Wednesday’s US session opens.

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

If the single currency extends its rally, the November’s high crossing is the next Northside target.

If EUR renews this year’s decline, the monthly support crossing is the next Southside target.

Japanese Yen

JPY closed lower Tuesday extending the decline off of the December high.

The mid-range close set the stage for a steady to higher opening when Wednesday’s US session opens.

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

If JPY extends the decline, the 25% Fibo retracement level of the 2013-2014 rally crossing is the next Northside target.

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

Great British Pound (GBP)

Cable closed higher Tuesday.

The high range close set the stage for a steady to higher opening when Wednesday’s US session opens.

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

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

If GBP extends the decline off of its July high, the monthly support 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.

Have a terrific week.

HeffX-LTN

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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