Members login
Technical Cross
Written by article default Wednesday, 18 May 2011 08:14
Morning Report
Click on the image for a larger view
 |
The pair closed negatively below 76.4% Fibonacci of CD leg over daily basis, and the four hour interval offered a dark cloud pattern as seen on the secondary image. Thereby, the bearishness is still in favor over intraday basis as the bearish harmonic butterfly pattern continues affecting the movements towards the extended technical objectives of CD leg. A break of 131.05 will bring panic selling pressures.
The trading range for today is among key support at 128.40 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 | 131.60 | 131.05 | 130.50 | 129.40 | 128.40 |
|
|
|||||
| Resistance | 132.50 | 133.15 | 133.60 | 134.20 | 135.50 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 132.25 targeting 129.25 and stop loss above 134.45 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Click on the image for a larger view
 |
The pair started to fix the positive sign appearing on Stochastic over daily basis. In the interim, the four hour time scale shows the correctional channel which its resistance line was touched. Furthermore, Fibonacci of 38.2% of XA leg is still covering these aforesaid correctional actions. Therefore, we hold onto our bearish predications over intraday basis and a break of 114.90 will be a very negative indication.
The trading range for today is among key support at 112.40 and key resistance now at 118.20.
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 |
|
|
|||||
| Resistance | 116.20 | 116.80 | 117.30 | 117.75 | 118.25 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 115.95 targeting 113.80 and stop loss above 117.45 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
Click on the image for a larger view
 |
Back to the four hour chart where we can see how Stochastic started to enter overbought areas and we also can see a bearish harmonic formation on the indicator. This bearish sign could assist the royal pair to move downwards once more after rebounding from the key support levels of 0.8665. The bigger harmonic picture of our efficient caught bearish Gartley pattern might continue particularly if the pair succeeded in breaching 0.8750 zones during the European session. Fibonacci of 61.8% for CD leg at 0.8580 is still under our technical microscope.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8885.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8750 | 0.8715 | 0.8700 | 0.8680 | 0.8650 |
|
|
|||||
| Resistance | 0.8780 | 0.8800 | 0.8820 | 0.8850 | 0.8885 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8780 targeting 0.8630 and stop loss above 0.8885 might be appropriate. | ||||
|
