FX TECHNICAL REPORT MAJOR CROSS-RATES - FEATURED MARKET - EUR/GBP
EUR/GBP is at a key juncture, having been well supported at just over the 52 week (1 year) moving average over recent months, this after the reversal from the October 2016 peak at .9268. The multi- month lows around .8306 / .8404 potentially mark a platform for a resumption of the advance from the 2015 double bottom at .6936 / .6984, but this will not be confirmed until we have seen a clear break of January’s .8849 high, in which case an initial return towards the .9268 peak may shape up. If so, then the subsequent emergence of a higher low by the former .8721-.8849 resistance area could then pave the way
for a longer-term advance towards the 2008 peak at .9801. Against this is the alternative scenario of a head & shoulders type of top pattern being traced out above a neck-line connecting the aforementioned .8306 & .8404 lows. Failure to clear January’s .8849 recovery peak ahead of a reversal under the .8306-.8404 area is likely to trigger a move towards .8102-16 (former resistance / 50% retracement) and possibly .7827-41 (61.8% retracement / midpoint of the April-May 2016 dip), where fresh bottoming attempts may occur for a resumption of the longer- term recovery phase.
USD/JPY Monthly Candlestick Chart
MAJOR TRENDS AND TARGETS FOR MAJOR CROSS-RATES As at 23-Mar-17 EUR/GBP GBP/JPY EUR/JPY EUR/CHF EUR/NOK EUR/SEK
Current level .8620
138.90 119.75 1.0710 9.1425 9.5040
Major trend Up
Down Down Down Flat Up
54 FX TRADER MAGAZINE April - June 2017
Source: Tradermade
Major targets .9268 / .9801
116.87 / 100.00 105.46 / 94.14 1.0237 / 0.9777
10.40 / 10.60
Trend change level .8306
163.87 134.56 1.1000
8.51 / 9.58 9.40
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