fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/JPY Daily Outlook Mon Mar 18, 2013 11:10 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 123.94; (P) 124.86; (R1) 125.53; More EUR/JPY drops sharply as the week starts and the strong break o 123.79 minor support indicates that rebound from 118.71 is already finished at 126.03. Intraday bias is back on the downside. Fall from 126.03 is viewed as the third leg of the consolidation pattern from 127.70 and deeper decline is expected back to 118.71 support and below. Though, at this point, we'd expect strong support from 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) to complete the consolidation and bring rally resumption eventually. In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. Rise from there isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Eventually, such rise would likely extend to 139.21 resistance and above. And, we'll stay bullish as long as 111.43 resistance turned support holds. | |
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