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Daily Technical cross: GBPYEN, EURYEN, EURGBP
Written by article default Thursday, 18 November 2010 11:17
Great British Pound vs. Japanese Yen (GBP / YEN)Morning Report
The pair is facing areas around 132.25 pinpointed yesterday, with the possible Pivotal Reversal Zone –PRZ- as we can see this level managed to provide good support and returned the positivity for today. Trading above the main resistance for the downside wave might carry further upside movements over the coming period. Stochastic unloaded the buying saturation while the MA started attempting to crossover positively.
The trading range for today is among key support at 129.25 and key resistance at 135.50.
The general trend over short term basis is to the downside targeting 118.80 as far as areas of 150.75 areas remain intact.
Support 132.25 132.00 131.60 130.50 130.00
Resistance 133.15 133.60 134.20 134.80 135.50
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 132.40 targeting 135.00 and stop loss below 130.00 might be appropriate
Euro vs. Japanese Yen (EUR / YEN)
Morning Report
Classically speaking, the pair inclined today after reaching areas around the previous 112.40 support. We have multiple bottom areas and might turn into an inverted head and shoulders. The neckline is seen at 113.55 and four-hour closing above this level will drive the pair higher over intraday basis today.
The trading range for today is among key support at 110.00 and key resistance now at 115.00.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
Support 112.75 112.40 112.10 111.90 111.05
Resistance 113.15 113.60 114.25 114.70 115.00
Recommendation Based on the charts and explanations above, our opinion is buying the pair around 112.75 targeting 114.70 and stop loss below 110.90 might be appropriate
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair slightly inclined after reaching 0.8500 areas, although trading is stable below the neckline for the classic bearish head and shoulders pattern; continuing to trade below 0.8630 will support returning to the downside move for today. Stochastic provided overbought signals supporting our expectations.
The trading range for today is among the key support at 0.8400 and key resistance now at 0.8630.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
Support 0.8500 0.8485 0.8455 0.8430 0.8400
Resistance .0.8540 0.8560 0.8585 0.8605 0.8630
Recommendation Based on the charts and explanations above, our opinion is selling the pair around 0.8540 targeting 0.8380 and stop loss above 0.8630 might be appropriate