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Technical Cross
Written by article default Thursday, 12 May 2011 09:23
Morning Report
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In line with yesterday's midday report, the pair extended its retesting process towards 61.8% Fibonacci of CD leg of our efficient bearish harmonic butterfly pattern but from there it collapsed once more. Thus, the negative scenarioof resuming the extended technical target of the harmonic formation is still in favor. All what we need now is a breakout below the former support of 132.50 to accelerate the scenario.
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 | 132.50 | 132.00 | 131.60 | 131.05 | 130.10 |
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| Resistance | 133.15 | 133.65 | 134.20 | 134.80 | 135.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 132.50 targeting 129.50 and stop loss above 134.60 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair moved violently downwards after touching the awaited retest level of 38.2% as seen on the provided daily chart. Now, breaching through 50% Fibonacci of CD leg of our Bat pattern which is under preparation will confirm theexpected bearish overview of resuming the CD leg of the pattern. Note that SMA 50 continued adding further pressure on the pair, whilst Vortex is definitely negative reflecting the strength of the current bearish trend.
The trading range for today is among key support at 112.40 and key resistance now at 117.75.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 114.75 | 114.25 | 113.60 | 113.10 | 112.80 |
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| Resistance | 115.75 | 116.20 | 116.80 | 117.30 | 117.75 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 115.50 targeting 113.15 and stop loss above 117.30 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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No more evidences are required to confirm that the royal pair is still affected bearishly by the effective bearish harmonic Gartley pattern since the pair slipped aggressively below 38.2% Fibonacci level of CD leg at 0.8750 yesterday. Thus, the focus will be now on 61.8% Fibonacci which is valued at 0.8580. Stochastic is still moving downwards; while AROON started to activate the first required sign of the bearishness. Anyway, we hold onto our bearish predications over intraday basis. A break of 0.8570-65 will be another negative indication to be added to the above mentioned technical factors. For more details about the harmonic structure, we recommend reviewing the weekly report.
The trading range for today is among the key support at 0.8580 and key resistance now at 0.8890.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8670 | 0.8630 | 0.8605 | 0.8580 | 0.8540 |
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| Resistance | 0.8700 | 0.8715 | 0.8730 | 0.8770 | 0.8800 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8710 targeting 0.8580 and stop loss above 0.8795 might be appropriate. | ||||