FX.co ★ Technical analysis and trading recommendation of crosses EUR/YEN & EUR/GBP for March 20, 2015

EUR/JPY

We said bulls have the upper hand until the price closes above 128.30. The cross made a low at 128.36 at the yesterday's session. We recommended selling below 130.00; we earned big money from that trade. Currently, the trend changes to range trading between 129.25 and 128.30. For the intraday view, we recommend buying above 129.25 with targets at 129.50 and 130.00. On the down side, we recommend selling below 128.25 with targets at 128.00, 127.85, 127.30, 126.90, and 126.00. For a medium and longer term perspective, the bears can challenge 112.50 and 117.00 until price closes below 136.70. Parallel support was found at 125.00 and 122.20. Until the price closes below 130.15, a monthly bearish view remains in play. If bulls want to regain their strength, they must close above 130.15 on a weekly closing basis. But the chances are remote.
Trade: Selling below 128.25

Buying above 129.25

EUR/GBP

The pair erased most of its monthly losses. The pair finds the nearest resistance at 0.7255 and 0.7300. In case if the price closes above 0.7300, we can expect a strong upswing (250+ pips). The pair is slowly crawling up after it made a low at 0.7013. It set minor base around 0.7100. At the yesterday's session, the pair was successful to close above 20Dsma. Intraday support is seen at 0.7200, 0.7170, and 0.7150. Yesterday, the pair found support at the 50.0 fib level and moved from 0.7013 to 0.7292. We recommend strong positional buying above 0.7300. We advise traders to remain patient at the current levels. We are waiting for a big trade. For an intraday view, we recommend selling below 0.7200 with targets at 0.7185, 0.7150, and 0.7120. The panic will be triggered below 0.7100 in case the daily price closes below the level. Speculators can buy above 0.7240 with targets at 0.7265 and 0.7295. New trend will ignite above 0.7305.

To contact the author of this analysis, please email- joseph.wind@analytics.instaforex.com