29 November, 2013
EUR/USD - European Session:
The pair extended the positive trading, whereas it approached 61.8% correction at 1.3625 – 1.3630. The possibility of extending the upside move is valid today but the pair has to breach 1.3630 to trigger another bullish wave targeting 1.3705 and perhaps 1.3770 levels later. Anyhow, trading above 1.3500 is positive but consolidating above 1.3555 is required over intraday basis today to keep the bullish possibility.
Based on the above, buy the pair above 1.3605 targeting 1.3660, 1.3705 then 1.3770 and stop-loss at four-hour closing below 1.3555
GBP/USD - European Session:
The pair touched 127.2% Fibonacci level at 1.6370 then slightly dropped. But the current slight downside move is still limited above Linear Regression Indicators and the previous top at 1.6259 favoring the possibility of keeping the upside move valid, Trading above the referred to top is positive, but breaching 1.6370 could trigger a strong bullish rally today. We hold on to our positive expectations supported by the bullish technical classical formation showing on graph.
Based on the above, buy the pair above 1.6325 targeting 1.6370, 1.6475 and 1.6515, stop-loss at four-hour closing below 1.6240
USD/JPY - European Session:
The pair consolidated above Linear Regression Indicator 34 as it is gradually approaching the target at 103.10 represented in 161.8% correction as showing on graph. Despite that Stochastic is overbought, but we see negative signals showing keeping the bullish possibility valid. Breaking 101.65 could fail our expectations, otherwise the upside move remains intraday valid.
Based on the above, buy the pair around 102.25 targeting 102.50, 102.80 then 103.10 and stop-loss at four-hour closing below 101.60
EUR/JPY - European Session:
The pair settled above 139.00 supporting the suggested positive scenario in our recent reports. The pair was further supported with the breach of the ascending channel resistance shown on graph. We eye upside targets with the breach above 140.00 targeting 141.60 that require stability above 138.20.
**Trading range expected today is between the key support at 138.20 and key resistance at 141.60
Based on the above, buy the pair above 138.10 targeting139.50, 140.00 and stop-loss at four-hour closing below 137.05
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