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Technical Cross
Written by article default Friday, 03 June 2011 08:15
Morning Report
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The pair succeeded inclosing negatively below 132.35 where 76.4% Fibonacci retracement of CD leg for the efficient bearish harmonic Butterfly pattern exists. Therefore, we keep our negative scenario intact over intraday basis mainly targeting 100% of the aforesaid leg noting that there is a technical obstacle resides at 88.6% as seen on the provided daily graph. The negativity continues appearing on Stochastic adding further conformation for the scenario where we are moving freely towards the extended technical objectives of the pattern after achieving clear bearish move below 61.8% retracement of CD leg.
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 |
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| Resistance | 132.50 | 133.15 | 133.65 | 134.20 | 134.80 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 132.25 targeting 129.00 and stop loss above 134.55 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is presently hovering around 38.2% retracement of XA leg once more while SMA 50 is providing the graph with solid resistance areas. We also can see a negative divergence appearing on Stochastic and thus, we see chances for achieving additional negative actions over intraday basis to continue forming the CD leg of the suggested Bat pattern. If the pair succeeded in breaching the pivotal support of 115.75 zones, the positive sign of Vortex indicator will be negated.
The trading range for today is among key support at 113.60 and key resistance now at 120.00.
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 | 118.25 | 118.65 | 119.10 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 116.60 targeting 114.55 and stop loss above 117.90 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair is currently touching 23.6% Fibonacci of CD leg of the previous captured bearish Gartley pattern from below. According to Fibonacci rules we can't say that the correction has been limited earlier at 61.8% as we are still moving within correctional levels until now. The current areas are very sensitive and a weekly closing above it may be a convenient sign that the correction is over via reaching the normal two technical objectives of the harmonic pattern. Henceforth, we prefer staying aside to see where the pair will close over weekly basis since we are using a weekly chart.
The trading range for today is among the key support at 0.8700 and key resistance now at 0.9000.
The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8820 | 0.8800 | 0.8780 | 0.8730 | 0.8715 |
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| Resistance | 0.8875 | 0.8900 | 0.8915 | 0.8965 | 0.9000 |
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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. | ||||