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Technical Cross
Written by article default Wednesday, 25 May 2011 07:40
Morning Report
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The pair came back below 76.4% Fibonacci retracement of the CD leg once again during the Asian session. The bearish candlesticks formation -secondary image- drawn over four hour interval encourages us to hold onto our bearish predications over intraday basis since we still believe that the extended technical objectives of the bearish harmonic butterfly pattern are still in progress. Stochastic supports our negative scenario.
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 | 132.00 | 131.05 | 130.50 | 129.40 | 128.40 |
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| Resistance | 132.80 | 133.15 | 133.60 | 134.20 | 135.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 132.25 targeting 128.90 and stop loss above 134.50 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Once more, the pair started to stabilize below 50% Fibonacci of XA leg for the suggested harmonic Bat pattern which is currently forming its CD leg as we discussed several times before. The four hour candlesticks structure is definitely bearish and thereby, we see chances for resuming the bearishness over intraday basis. Breaching through 113.90 -Moday's low- will accelerate the highly anticipated downside move.
The trading range for today is among key support at 111.05 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 | 114.75 | 114.25 | 114.00 | 113.60 | 113.15 |
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| Resistance | 115.75 | 116.30 | 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 115.30 targeting 112.90 and stop loss above 117.10 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Inline with our previous report, the royal pair declined gradually approaching the first detected technical objective around 0.8660 zones where 50% Fibonacci of CD leg for the efficient bearish Gartley pattern exists. The negative candlestick formation along with the negative pressure from SMA 50 could assist the pair to achieve additional downside actions over intraday basis towards 61.8% as we discussed earlier. To recap, we keep our harmonic scenario intact and we recommend reviewing the weekly report for more details about the pattern.
The trading range for today is among the key support at 0.8560 and key resistance now at 0.8790.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8655 | 0.8630 | 0.8605 | 0.8580 | 0.8565 |
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| Resistance | 0.8700 | 0.8730 | 0.8780 | 0.8800 | 0.8820 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8710 targeting 0.8585 and stop loss above 0.8795 might be appropriate. | ||||
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