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Euro-Yen and Pound-Dollar Week 32 Outlook

Euro-Yen Daily Chart

Euro-Yen Forex Outlook
Weekly	The first clear bearish candle closed just above the ascending trend line (some call it demand line) on the weekly chart. Trend remains on the upside but bullish momentum is weakening. Stochastic has crossed and turned downwards could signal top of 169.95 in place with possible retracement towards 165.61/64 area with break below further could be seen lower to 162.93/98. Resistance on the weekly chart at confluence of historic high with psychological barrier of 170.00.

Daily	Trend is down with EURJPY closed just above the lower ascending line and resistance now at updated weekly pivot and break above 168.81 will turn momentum to the upside. Support at 166.36 before 165.61/64 area.

4-Hour	Momentum is flat at the moment with 4-hour chart looking for a retracement after hitting low of 166.97. Break above 168.33 intra-day would turn the focus towards 169.10/17 area. Below 167.33 should re-test last Friday's low of 166.97 before 166.36.

Resistance Levels
180.08	161.8% Fibonacci Extension Level H164.98 L151.70 S158.59
176.94	138.2% Fibonacci Extension Level H164.98 L151.70 S158.59
171.84/87	Weekly Pivot R3; 100.0% Fibonacci Extension Level H164.98 L151.70 S158.59
170.78	Weekly Pivot R2
169.95/99	Historic High; Psychological Barrier
169.10	Weekly Pivot R1
168.04	Weekly Pivot
Support Levels
166.36	Weekly Pivot S1
165.61/64	38.2% Fibonacci Retracement Level 169.95 - 158.59; 23.6% Fibonacci Retracement Level 169.95 - 151.70
165.30/31	Weekly Pivot S2; 16 July Low
164.27	50.0% Fibonacci Retracement Level 169.95 - 158.59
163.62	Weekly Pivot S3
162.93/98	61.8% Fibonacci Retracement Level 169.95 - 158.59; 38.2% Fibonacci Retracement Level 169.95 - 151.70
160.83	50.0% Fibonacci Retracement Level 169.95 - 151.70
158.67	61.8% Fibonacci Retracement Level 169.95 - 151.70
151.70	20 March Low

Pound-Dollar Daily Chart

Pound-Dollar Forex Outlook
Weekly	A strong finish on the Dollar now has turned the momentum bearish after break of the ascending trend line. Next target now towards 1.9694 with break below 1.9648 would see further decline towards 1.9408 area. Upside resistance unchanged at 2.0033 before high of 2.0156.

Daily	Momentum is down with next support at 1.9694 Break below should re-test 1.9648 critical support before 1.9408. Upside resistance now at weekly pivot of 1.9808 and as long it stays below 1.9941 bias remains on the downside. Break above would see next resistance at 1.9992 before 2.0033.

4-Hour	Momentum is flat at the moment with resistance at 1.9758/66 before weekly pivot. Further downside support seen at 1.9694 before 1.9648. Bias is on short.

Resistance Levels
2.0614	161.8% Fibonacci Extension H2.0005 L1.9408 S1.9648
2.0473	138.2% Fibonacci Extension H2.0005 L1.9408 S1.9648
2.0463	61.8% Fibonacci Retracement 1.9336 - 2.1160
2.0245/48	100.0% Fibonacci Extension H2.0005 L1.9408 S1.9648; 50.0% Fibonacci Retracement 1.9336 - 2.1160
2.0132/56	Weekly Pivot R3; 15 July High
2.0033/49	38.2% Fibonacci Retracement 1.9336 - 2.1160; Weekly Pivot R2
1.9962	38.2% Fibonacci Retracement 2.0156 - 1.9648
1.9902	50.0% Fibonacci Retracement 2.0156 - 1.9648
1.9870/91	38.2% Fibonacci Retracement 1.9408 - 2.0156; Weekly Pivot R1
1.9842	61.8% Fibonacci Retracement 2.0156 - 1.9648
1.9808	Weekly Pivot
1.9782/87	50.0% Fibonacci Retracement 1.9408 - 2.0156
1.9758/66	38.2% Fibonacci Retracement 1.9363 - 2.0397; 23.6% Fibonacci Retracement 1.9336 - 2.1160
Support Levels
1.9694	61.8% Fibonacci Retracement 1.9408 - 2.0156
1.9648/50	07 July Low; Weekly Pivot S1
1.9567	Weekly Pivot S2
1.9408/09	13 June Low; Weekly Pivot S3
1.9363	14 May Low
1.9336	22 Jan Low

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