Forex Technical Analysis: USD, EUR, JPY, GBP

Posted by: : Paul EbelingPosted on: October 21, 2014 Forex Technical Analysis: USD, EUR, JPY, GBP
Forex Technical Analysis: USD, EUR, JPY, GBP

Euro Vs. USD

EUR closed higher Monday.

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

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

Closes above the 20-Day MA crossing are needed to confirm that a low is in.

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

Japanese Yen Vs. USD

JPY closed lower Monday.

The low range close set the stage for a steady to lower opening when Tuesday’s US session opens for trading.

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

If JPY extends this month’s decline, the 38% Fibo retracement mark of this year’s rally crossing is the next Southside target.

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

Cable Vs. Buck

GBP closed higher Monday.

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

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

If Cable extends the decline off of the July high, the 62% 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.

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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