Members login
Technical Cross
Written by article default Tuesday, 03 May 2011 09:30
Morning Report
Click on the image for a larger view
 |
The last four hour closing was below 100% Fibonacci of CD leg of the bullish harmonic formation but the pair is presently consolidating around 88.6% of this leg. The lower line of Keltner channel supports the pair from below and we need to witness a sustained breakout above 135.20 zones to fix the bearish sign that started to appear on momentum indicators. Henceforth, our overview will be to the upside over intraday basis but not before activating the aforementioned breakout. Conversely, a break back below 133.20-133-15 will damage our positive anticipations.
The trading range for today is among key support at 131.05 and key resistance at 138.40.
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 | 134.20 | 133.60 | 133.15 | 132.40 | 131.60 |
|
|
|||||
| Resistance | 135.00 | 135.50 | 136.20 | 136.80 | 137.30 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair with a breakout above 135.20 targeting 138.60 and stop loss below 133.25 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Click on the image for a larger view
 |
The pair is currently hovering around the psychological levels of 120.00 as seen on the provided daily graph. Our suggested positive mixture of Elliott and classical studies remains intact, while noting that a breakout above 120.50 is urgently required to confirm the potential resumption for the upside rally over intraday basis. On the other side a breakout below 118.25 zones will be an indication that the proposed Elliott count should be reconsidered. To recap, we will look at the present downside move as an internal correction until the pair stabilizes above 120.50 areas.
The trading range for today is among key support at 116.80 and key resistance now at 122.30.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 119.80 | 119.10 | 118.65 | 117.80 | 117.25 |
|
|
|||||
| Resistance | 120.50 | 121.05 | 121.45 | 121.90 | 122.30 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 119.80 targeting 121.90 and stop loss below 118.30 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
Click on the image for a larger view
 |
Once more, the royal pair is approaching the key resistance levels around 0.8925 as seen on the provided four hour graph. SMA is still carrying the movements from below, while the minor uptrend line provides it with the support it needs. Thereby, we hold onto our bullish outlook over intraday basis based on resuming the extended wave of the bullish harmonic "5-0" pattern towards the extreme extended technical targets at 361.8% followed by 423.6% extension of CD leg.
The trading range for today is among the key support at 0.8780 and key resistance now at 0.9030.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8880 | 0.8850 | 0.8820 | 0.8800 | 0.8780 |
|
|
|||||
| Resistance | 0.8925 | 0.8965 | 0.9000 | 0.9030 | 0.9070 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8880 targeting 0.9030 and stop loss below 0.8780 might be appropriate. | ||||