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Pound nears 2005 Low while Yen continues to gain against Euro

Euro-Yen Forex Outlook
Weekly	ADX continues to move higher as the pair hit as low as 159.20 near key support at 158.59/67. Trend remains on the downside as momentum now into 'oversold zone'. The pair likely to slide lower towards the nearest support with firm break could see further downwards to 155.61 area. Resistance now at 160.83 and 161.74/86 before important resistance level at 163.31.

Daily	Yesterday momentum continues to go lower as price finally broke the important support at 158.59/67 suggest that next target now lower to 155.61 before completion of 100% retracement at 151.70 from 169.95. Support of 158.59/67 now turns resistance as Yen should continue to strength.

4-Hour	Momentum now has weaken but over all trend remains strongly on the downside with ADX intra-day above 40. Traders should wait for the momentum to turn green before opening any new short positions. For the selling momentum to hold, 160.13 would be seen as important resistance before re-test 162 area. Support now at 156.96 before 155.61.

Resistance Levels
169.95/99	Historic High; Psychological Barrier
167.20	78.6% Fibonacci Retracement Level 157.10 - 169.95
165.61/64	38.2% Fibonacci Retracement Level 169.95 - 158.59; 23.6% Fibonacci Retracement Level 169.95 - 151.70
165.43	Weekly Pivot R3
165.04	61.8% Fibonacci Retracement Level 157.10 - 169.95
164.10/27	Weekly Pivot R2; 50.0% Fibonacci Retracement Level 169.95 - 158.59
163.53	50.0% Fibonacci Retracement Level 157.10 - 169.95
162.93/98	61.8% Fibonacci Retracement Level 169.95 - 158.59; 38.2% Fibonacci Retracement Level 169.95 - 151.70
162.01	38.2% Fibonacci Retracement Level 157.10 - 169.95
161.86	Weekly Pivot R1
160.83	50.0% Fibonacci Retracement Level 169.95 - 151.70
160.53	Weekly Pivot
160.13	23.6% Fibonacci Retracement Level 157.10 - 169.95
158.59/67	05 May Low; 61.8% Fibonacci Retracement Level 169.95 - 151.70
158.29	Weekly Pivot S1
Support Levels
156.96	Weekly Pivot S2
155.61	78.6% Fibonacci Retracement Level 169.95 - 151.70
154.72	Weekly Pivot S3
151.70	20 March Low

FX Operator Forex Blitz 2 Trading System

Pound-Dollar Forex Outlook
Weekly	Cable continues to come under attack as price now below long term 61.8% Fibonacci level which now turns as resistance. Further downside could be seen towards 1.7913/29 before 1.7421. Resistance now at 1.8303/29/32 and as long price stay below 1.9398, the downtrend is likely to continue.

Daily	GBPUSD continue to move lower as now next lower target likely to lower to 1.7421. Support now at 1.7913/29. The extended Dollar rally resistance now at 1.8455. Momentum into 'oversold' but ADX above 40 indicates no big retracement for the time being.

4-Hour	Intra-day ADX continues to go higher as downside momentum continues to strengthen. Resistance lower to 1.8118 before 1.8247. Support now at 1.7910 with break below towards next target at 1.7876.

Resistance Levels
2.1160	09 November 2007 High
2.0465	78.6% Fibonacci Retracement 1.7910 - 2.1160
2.0190	23.6% Fibonacci Retracement 2.1160 - 1.7049
2.0156	15 July High
1.9919	61.8% Fibonacci Retracement 1.7910 - 2.1160
1.9675	78.6% Fibonacci Retracement 1.7910 - 2.0156
1.9590	38.2% Fibonacci Retracement 2.1160 - 1.7049
1.9535	50.0% Fibonacci Retracement 1.7910 - 2.1160
1.9395	23.6% Fibonacci Retracement 2.1160 - 1.3681
1.9298	61.8% Fibonacci Retracement 1.7910 - 2.0156
1.9152	38.2% Fibonacci Retracement 1.7910 - 2.1160
1.9105	50.0% Fibonacci Retracement 2.1160 - 1.7049
1.9033	50.0% Fibonacci Retracement 1.7910 - 2.0156
1.8902	Weekly Pivot R3
1.8768	38.2% Fibonacci Retracement 1.7910 - 2.0156
1.8745	Weekly Pivot R2
1.8677	23.6% Fibonacci Retracement 1.7910 - 2.1160
1.8619/40	61.8% Fibonacci Retracement 2.1160 - 1.7049
1.8486	Weekly Pivot R1
1.8440	23.6% Fibonacci Retracement 1.7910 - 2.0156
1.8303/29/32	38.2% Fibonacci Retracement 2.1160 - 1.3681; Weekly Pivot; 100.0% Fibonacci Extension H2.1160 L1.9336 R2.0156
1.8070	Weekly Pivot S1
Support Levels
1.7913/29	Weekly Pivot S2; 78.6% Fibonacci Retracement 2.1160 - 1.7049
1.7876	138.2% Fibonacci Extension H2.1160 L1.9336 R2.0397
1.7635/54	138.2% Fibonacci Extension H2.1160 L1.9336 R2.0156; Weekly Pivot S3
1.7446	161.8% Fibonacci Extension H2.1160 L1.9336 R2.0397
1.7421	50.0% Fibonacci Retracement 2.1160 - 1.3681
1.7205	161.8% Fibonacci Extension H2.1160 L1.9336 R2.0156
1.7049	28 November 2005 Low
1.6538	61.8% Fibonacci Retracement 2.1160 - 1.3681
1.5282	78.6% Fibonacci Retracement 2.1160 - 1.3681
1.3681	12 June 2001 Low

The above technical analysis were based on FX Operator Forex Blitz 2. To get a copy of this profitable trading system, please click here.

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