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Technical Cross
Written by article default Thursday, 09 June 2011 08:17
Morning Report
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The pair is still consolidating around 88.6% Fibonacci retracement of CD leg for the bearish harmonic butterfly pattern due to the oversold signs on Stochastic. Yesterday's closing below this aforesaid level is an impressive bearish signal that could be added to our earlier discussed harmonic scenario of achieving the extended targets. Focusing is now on 100% level and we still look forward to witness more bearish actions over intraday basis.
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 | 130.50 | 130.00 | 129.40 | 128.40 | 127.60 |
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| Resistance | 131.60 | 132.00 | 132.50 | 133.15 | 133.60 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 131.65 targeting 128.40 and stop loss above 133.80 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Yesterday's obvious negative closing below 38.2% Fibonacci retracement of XA leg added more strength for SMA 50; whilst the negativity continues on Stochastic. Thus, we still see chances for more bearishness over intraday basis to form The CD leg of the suggested Bat pattern. Areas of 116.90 should be breached decisively to confirm this scenario.
The trading range for today is among key support at 114.75 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 | 115.24 | 114.70 | 114.25 |
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| Resistance | 117.75 | 118.25 | 118.65 | 119.10 | 119.80 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 116.90 targeting 114.25 and stop loss above 118.80 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Bouncing from the initial support area of 0.8885 succeeded in drawing a clear bullish candlestick formation over four hour time scale -secondary image-. Therefore, the classical probability of the symmetrical triangle reinforces the bullishess over intraday basis, supported by the positive sign on AROON indicator as seen on the main graph. Breaching 0.8965 in the second technical try will be able to accelerate the scenario as well.
The trading range for today is among the key support at 0.8780 and key resistance now at 0.9070.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8885 | 0.8850 | 0.8820 | 0.8800 | 0.8780 |
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| Resistance | 0.8930 | 0.8965 | 0.9000 | 0.9030 | 0.9070 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8885 targeting 0.9030 and stop loss below 0.8800 might be appropriate. | ||||