Wednesday, October 22, 2014

Forex Market ¨Technical Report of The Week Ahead¨

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XM/MT4 EUR/USD Daily Chart

 EURUSD
After a 190 day short trend the price is still falling down looking for a possible target @ 1.2500 of October 5th, 2014, as the long-term EMA and the price movement itself shows there are more than 100 pips left to hit that target so we must wait for some reversal movements that are natural in a healthy trend.
These are the most important support and Resistance levels for this week:
Support 1 @1.2500 (Oct 05, 2014)
Resistance 1 @1.2732 (Oct 08, 2014)
Resistance 2 @1.2806 (Oct 16, 2014)

XM/MT4 GBP/USD Daily Chart


 GBPUSD
The same way the EUR/USD, the pair is continuing with the falls, this time for 68 consecutive days, we were able to find the next target for the price @ 1.5934 from exactly a year ago, this target is @ 70 pips from the current price so we must take care and cover our trades at any signal of a change of direction.
These are the most important support and Resistance levels for this week:
Support 1 @1.5934 (October 23, 2013)
Resistance 1 @1.6153 (October 20, 2014)
Resistance 2 @1.6381 (September 23, 2014)


XM/MT4 USD/CHF Daily Chart


 USDCHF
The pair is still moving into the 126 day long trend, currently recovering from a reversion @ 0.9394 during last week, we´re able to detect a possible next target for the price  @ 0.9666 of October 6th
These are the most important support and Resistance levels for this week:
Support 1 @0.9408 (October 15, 2014)
Resistance 1 @0.9666  (October 07, 2014)
XM/MT4 USD/JPY Daily Chart

 USDJPY
The same way the USD/CHF currency pair is advancing up and up the USD/JPY is too.
This is a 60 day long trend with a little reversion last week but totally gotten over by the price, we found a target @ 109.77 of October 1st, as we can appreciate this target is plus 200 pips away from the current price that is enough to suppose a reversion between these levels.
These are the most important support and Resistance levels for this week:
Support 1 @105.89 (October 15, 2014)
Resistance 1 @109.85 (October 10, 2014)
We hope this weekly report help you to determine the most important reversal and continuation levels during the week, this data is not 100% accurate as the speculative system is, these numbers are a reference and definitely not represent a secure trading signal service, make sure to use your own trading system in parallel with the attached report to determine your own entry points.
Forex Trading can be a great source of income but is also a high risk business, make sure to complete your training in demo before start trading with a real Forex account and make sure that the money you invest comes from a secure source, we always recommend to avoid trading with money that you cannot  afford to lose.