16 Dec 2014

CROSSES UPDATE 16.12.14

EUR/GBP DAILY

The rate has once again failed the test at the upper boundry of the symmetrical triangle formation which indicates that it could be heading down to test triangle support around 0.7860.

Only a daily close above 0.8050 would invalidate my immediate bearish outlook for the pair.


EUR/CAD DAILY

The falling oil prices and overall loonie weakness has sparked quite a recovery from this pair. It looks like the rate could be heading to the old support/new resistance level at 1.4750 which also coincides with 50% fib retracement from this year's decline.

A break above this level should take the rate up to 1.4940 and 1.5000 levels, however a failure here would indicate the rate could be stuck in a range 1.4500-1.4750 for the remainder of the year.


EUR/JPY H4

The rate has formed a head and shoulders pattern on H4 chart and has already broken the neckline.
It is currently sitting above the support level at 145.00.

A break below this level may take the rate down to the breakout target and previous support level at 142.50.

Any upside moves should be capped by the old support/new resistance at 146.50 level.

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