| EUR/USD
The EUR/USD was indecisive last week. Price attempted to push lower but closed higher at 1.0959 Friday. The bias is Neutral in near term. Immediate support seen at 1.0925. A clear break below that mark could trigger more Bearish pressure testing to 1.0880. Immediate resistance is seen at 1.1000. A clear break above that mark could trigger more Bullish pressure testing to 1.1050 and the trend line resistance on the H1 chart below. Possible daily range Monday is seen between 1.0880 – 1.1000.
GBP/USD The GBP/USD had a Bearish momentum last week bottomed, and closed higher at 1.5489. The bias is Neutral in near term with a Bearish bias testing to 1.5420. Immediate resistance is seen at 1.5540. A clear break above that mark could cause more Bullish pressure testing 1.5600. Possible range Monday is seen between 1.5420 – 1.5540. Overall, prefer the Bearish scenario.
USD/JPY The USD/JPY saw indecisive movement last week. The bias is Neutral in near term. Immediate support is seen at 124.00. A clear break below that mark could trigger more Bearish pressure testing to 123.50. Immediate resistance is seen at 125.00. A clear break above that mark may trigger more Bullish pressure testing to 125.85. Possibly daily range Friday is seen between 124.00 – 125.00. Overall price is moving above the the 200-Day EMA on H1, H4 and the daily suggests a strong Bullish outlook.
USD/CHF The USD/CHF saw Bullish momentum last week topped at 0.9882, and closed lower at 0.9838. The bias is Neutral near term. Immediate support is seen at 0.9800. A clear break below that mark may trigger further Bearish pressure testing to 0.9750. On the Northside, a clear break and daily close above 0.9880 may cause more Bullish pressure testing to 1.0000. Overall, prefer a Bullish scenario in here. Possible daily range Monday is seen between 0.9750 – 0.9880.
After finding a trading system that works for you, the more cryptic and esoteric fields of study can then be incorporated into your technical and trading toolbox.The bottom line when utilizing any type of analytical method,technical or otherwise, is to hold to the basics, which are methodologies with a proven track record over a long period. Technical analysis is a method of forecasting price movements by looking at purely market-generated data. Price data from a particular market is most commonly the type of information analyzed by a technical trader. Have a terrific week. HeffX-LTN Paul Ebeling
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