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Written by article default Thursday, 05 May 2011 09:38
Morning Report
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The pair is currently trading around the previous mentioned sensitive support areas as seen on the provided daily chart. Actually, it is still moving above 76.4% Fibonacci of CD leg of our captured bullish harmonic formation and thus, it may re-attack 100% level once more, while a close back below this level will threaten the scenario of reaching the full extended targets of the harmonic pattern. In the interim, Stochastic is entering oversold areas and thus, we will hold onto our neutrality over intraday basis until one of the above mentioned factors beats the other.
The trading range for today is among key support at 129.40 and key resistance at 136.20.
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 | 132.40 | 132.00 | 131.60 | 131.05 | 130.50 |
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| Resistance | 133.15 | 133.60 | 134.20 | 135.00 | 135.50 |
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| Recommendation | |||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair couldn't stabilize above the pivotal resistance areas of 120.50 for long yesterday, where it moved downwards towards 119.70-119.80 zones once more. The potential bullishness remains firmly intact due to the suggested Elliott count and the continuous bullish effect of the rounding bottom pattern seen on the provided image but we need to witness stability above 120.50 areas again to make sure that the pair will continue moving upwards over intraday basis. On the other side, a break back below 118.30 will reduce the positive possibility.
The trading range for today is among key support at 116.80 and key resistance now at 121.90.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 119.40 | 119.10 | 118.65 | 117.80 | 117.30 |
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| Resistance | 120.00 | 120.50 | 121.05 | 121.45 | 121.90 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around with a breakout above 119.70 targeting 121.90 and stop loss below 118.30 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The royal pair relaxed above 0.8965 levels which represent the b point of the harmonic Gartley pattern -colored in blue- and thus the bullishness may continue over intraday basis towards 0.9105 where the PRZ of the pattern exist. Note that 0.9140 areas represent 61.8% Fibonacci retracement of X1 to A –colored in green-. We remind you that a weekly closing tomorrow above 0.8965 will be an indication that the short and medium term basis will be to the upside.
The trading range for today is among the key support at 0.8870 and key resistance now at 0.9110.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8965 | 0.8950 | 0.8925 | 0.8880 | 0.8850 |
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| Resistance | 0.9030 | 0.9070 | 0.9110 | 0.9125 | 0.9145 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8970 targeting 0.9110 and stop loss below 0.8880 might be appropriate. | ||||