Fxnet Technical Analysis On Major Currencies

FxNet

Active Trader
Dec 7, 2012
162
0
37
Limassol, Cyprus
www.fxnet.com
EUR/USD - European Session:

eur-usd-technical-analysis-26nov2013.png


The pair is trading weakly and in a limited range below the previously broken bullish harmonic support and below the first target of the AB=CD bearish harmonic Pattern. Therefore, the bearish possibility is still valid supported by Stochastic. Breaking 1.3465 levels and stabilize below it is significant to prove the negative outlook.

Support

1.3505

1.3470

1.3420

1.3400

1.3385

Resistance

1.3555

1.3580

1.3610

1.3660

1.3700

Recommendation:

Based on the above, sell the pair below 1.3530 targeting 1.3500, 1.3470 then 1.3420 and stop-loss at four-hour closing above 1.3555



GBP/USD - European Session:

gbp-usd-technical-analysis-26nov2013.png


The pair dropped yesterday affected by the bearish harmonic Crab Pattern and the negative momentum showing on Stochastic. The pair has to stabilize below 1.6100 to prove extending the downside move,as 13% correction of CD Leg represents an intraday interval of extending the downside move today. Breaching 1.6265 could fail our expectations, but we will count today on 1.6225 levels to keep our negative expectations.

Support

1.6100

1.6070

1.6030

1.6000

1.5985

Resistance

1.6170

1.6225

1.6265

1.6305

1.6340

Recommendation:

Based on the above, sell the pair below 1.6150 targeting 1.6100, 1.6070 and 1.6000, stop-loss at four-hour closing above 1.6225



USD/JPY - European Session:

usd-jpy-technical-analysis-26nov2013.png


The pair dropped yesterday but remained limited above Linear Regression Indicators and around the previous top 101.53. Therefore, the possibility of an upside move is still valid and trading above 100.60 will keep this possibility valid.

Support

101.50

101.15

101.00

100.60

100.30

Resistance

102.00

102.50

102.80

103.10

103.50

Recommendation:

Based on the above, buy the pair above 101.55 targeting 102.00, 102.50 then 102.80 and stop-loss at four-hour closing below 100.60



EUR/JPY - European Session:

eur-jpy-technical-analysis-26nov2013.png


The pair is trading sideways as shown on graph and failed in breaking 137.05 yesterday, keeping us neutral waiting for confirmation with a breakout below the mentioned support or a breach above 138.00 resistance. The breakout below 137.05 will extend bearishness towards 135.50 while a breach of 138.00 will extend gains towards 140.00.

**Trading range expected today is between the key support at 136.00 and key resistance at 139.00


Support

137.05

136.45

135.50

134.80

134.10

Resistance

138.00

138.65

139.00

139.50

140.00

Recommendation:

We remain neutral observing the pair around 138.00 resistance and 137.05 support.