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Technical Cross
Written by article default Tuesday, 17 May 2011 11:31
Midday Report
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In line with our morning suggested upside move, the pair inclined during the previous session where it is currently hovering around 76.4% Fibonacci of CD leg of the bearish harmonic butterfly pattern. This recovery should be capped by 61.8% Fibonacci retracement of CD leg. Anyway, we hold onto our morning predications for the rest of the day as far as 134.20 zones remain intact.
The trading range for today is among key support at 128.40 and key resistance at 134.80.
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 | 132.00 | 131.60 | 131.05 | 130.50 | 129.25 |
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| Resistance | 133.15 | 133.60 | 134.20 | 134.80 | 135.50 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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In line with our morning expectations, the pair inclined to continue relaxing Stochastic but it is still stable below 38.2% Fibonacci retracement of XA leg and below SMA 50 as we see on the provided chart. Thereby, we keep our overview unchanged for the rest of the day as far as 117.30 remains intact.
The trading range for today is among key support at 112.40 and key resistance now at 117.30.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 115.25 | 114.75 | 114.25 | 113.60 | 113.10 |
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| Resistance | 116.20 | 116.80 | 117.30 | 117.75 | 118.25 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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As we mentioned in our technical messages, the pair continues knocking on the door of 0.8715 zones after touching 38.2% Fibonacci of CD leg of the bearish harmonic Gartley pattern at 0.8750-0.8760 zones. The secondary four-hour chart is another proof that 61.8% of CD leg is still under the microscope. To recap, our morning scenario is active now and remains intact for the rest of the day.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8850.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8700 | 0.8780 | 0.8650 | 0.8635 | 0.8605 |
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| Resistance | 0.8730 | 0.8750 | 0.8780 | 0.8800 | 0.8820 |
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| Recommendation | Our morning expectations remain valid. | ||||