P3tr4's Blog

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Spinning top on the eurjpy!!

There is a spinning top forming on the eurjpy monthly chart.
General expectations are that the market will close like this and we see a strong decline on the eurjpy.
The decline has been on since November.
MACD is still below zero.
Whether the support below will hold remains to be seen.
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The euro to extend losses

The euro is under a lot of bearish, and compared to the "form" of its aussie counterpart, the euro does not stand a chance.
Indicators used:
Stochastics (default setting)
Bollinger bands (default setting)
daily chart shows a steady but continued decline. I expect the lower band to be breached and consequently open room for 1.4000.
The stochastic indicator has crossed down on weekly chart, showing more potential downside for the pair. Forecast is at 1.3780
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EURo rally!!

I am expecting a general euro rally in January.
My forecast sees the Eurnzd at 1.68 come 2nd February 2015.
On the weekly chart, we see the stochastic indicator crossed upwards and price looks like it is in a range.
On the daily chart, we can see price already showing signs of bullishness.
If price is able to close above the middle line with the stochastic indicator above 50, it would be a confirmation of the move upwards.
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