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The result of the end of the two-day summit Friday in Brussels showed that the EU heads agreed on the creation of a single European banking supervisory authority, which will allow for the eurozone rescue fund to send its capital directly into troubled banks in the region. The two important issues that EU leaders failed to conduct were to define precisely the period when Spain will make a formal request for help and provide with the date of the next tranche of financial assistance for Greece. The euro got support and the EUR / USD pair grew to a new high of $ 1.3077 after announce of the results of the elections in the province of Galicia. The Spanish Prime Minister Mr.Mariano Rajoy was elected there. The news released investors’ concerns about obstacles in applying for international financial assistance for Spain.
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Steam after yesterday's growth today went to yuzhnoyu correction rate just went up to the medium-sloping support level (trend) around which is already evident a short stop, the main trend is still north and probably about the line you can shop (rebound).
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23/10/2012 EUR/JPY Full Detailed ForeCast
Intraday EUR / JPY: the trend remains upward.
Pivot point (level of invalidation): 103.8
Our preference: Long positions above 103.8 with targets at 104.65 and 105.2 in extension.
Alternative scenario: Below 103.8 we expect further downside with 103.6 and 103.1 of the target.
Technical Comments: Although it is conceivable a continuation of consolidation, its extension should be limited.
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EUR/JPY
SELL
Enter :- 104.420
TP1 :- 103.942
TP2 :- 103.466
SL :- 105.379
Note this is just my attempt to predict the price could be right or wrong stop-loss order is very important must put always follow the trend
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Forex Trading Signals: GBP/USD, EUR/GBP, & EUR/JPY
Daily Market Scan for Trade Setups
This is shaping up to be a good week for trading. Expect some nice moves mid week. More on that tomorrow.
Today we have three pairs in play with trade setups mostly on the lower time frames.
The GBP/USD is setup on the daily time frame and watch for entries on the 1 hour as well.
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Stability point pivotal support around 102.70 for the day makes Price shave freely within the rising channel is clearly drawing facility down to the level of 106.60.
SMA supports the upward trend trading consistently above the average level.
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An interesting situation was formed on the pair eur / jpy, but that the rate went up to yesterday's break of 103.83 support for the now, and around it suspended its movement until the formation of the forward pivot northern model, I do not think that the course be allowed below this level, the trend is that more still in force.
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While too early to talk about the north, on the 4 hour chart has formed a divergence MASD + signal to the south, the pair managed to overcome rolling alligator and now trades under them, the course could easily go down at least to the level of 103.20.
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On the H1 chart, the price is below 12 EMA and 72 EMA indicates the trend is still down
21 RSI is below 50 indicates the trend is still down
Recommendation: SELL
Take profit: 103.10
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The price on this pair is approaching the upper limit of the medium-term bullish channel at 104.40 showed a decrease. However a break of these levels will initiate a bullish channel stronger.
Spoiler: