Forex Trading Signal Week #12 2011

1) Forex Trading Signal For EURUSD

Forex Trend Analysis

4 Hourly Chart: Strong Bullish

As a whole, the trend for EURUSD is UP for this week.

Forex Technical Analysis

Daily Chart
The price looks like it is being resisted by the major resistance level and moved back down. The MACD negative divergence formed on this chart still holds as the MACD makes lower high while the market makes higher high. However you have to be careful of the strong support level at 1.40509.

EURUSD Daily Chart

4 Hour Chart
In this chart, it seems to me that the price is forming a 123 reversal pattern. If the price manages to break below the major support which is pretty close to the neckline of the reversal formation, the price looks like it will reverse.

EURUSD 4 Hour

Overall Forex Analysis
I will look to go SHORT if the price manages to break below the 1.40509 level as the price will most probably reverse.

2) Forex Trading Signal For GBPJPY

Forex Trend Analysis

As a whole, the trend for GBPJPY is DOWN for this week.

Forex Technical Analysis

Daily Chart
The price is being resisted by the 200 EMA and is moving down.

GBPJPY Daily

4 Hour Chart
The price is being resisted by the monthly S1 pivot and it looks like it has attempted to break above it for 6 consecutive times.

GBPJPY 4 Hourly

Overall Forex Analysis
I will look to go SHORT for this pair but I will be cautious when it reaches 129.401 which is a major support level.

Other

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