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Technical Cross
Written by article default Wednesday, 01 June 2011 11:35
Midday Report
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The secondary image of the four hour interval shows how the pair succeeded in closing below 133.80 -61.8% Fibonacci retracement- of CD leg as we expected this morning. Stochastic is definitely negative and therefore, we hold onto our bearish anticipations for the rest of the day. Another breakout below 132.35 will bring panic selling pressures.
The trading range for today is among key support at 131.05 and key resistance at 137.30.
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 | 132.35 | 132.00 | 131.60 | 131.05 | 130.50 |
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| Resistance | 133.65 | 134.20 | 134.80 | 135.50 | 136.20 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is trapped within a very tight range since morning, while SMA 50 represents a solid ceiling. Henceforth, we can't say the recovery will continue. In the interim, Stochastic becomes very close to the overbought areas. Those negative technical factors contradict with stability above 38.2% retracement of XA leg and thus, we hold onto our neutrality for the rest of the day.
The trading range for today is among key support at 114.25 and key resistance now at 119.10.
The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 116.30 | 115.75 | 115.25 | 114.90 | 114.25 |
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| Resistance | 117.30 | 117.80 | 118.20 | 118.65 | 119.10 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The royal pair retraced from the first detected resistance level of 0.8780 where it started to achieve stability below 0.8750 levels once again. Anyway, the bearish effect of our previous explained Gartley pattern is still in favor but we need a breakout below 0.8700 to ease the path towards 0.8660- 50% of CD leg- followed by 0.8570.
The trading range for today is among the key support at 0.8605 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 | 0.8715 | 0.8700 | 0.8680 | 0.8655 | 0.8630 |
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| Resistance | 0.8780 | 0.8800 | 0.8820 | 0.8850 | 0.8875 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8715 targeting 0.8575and stop loss above 0.8800 might be appropriate. | ||||