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Technical Cross
Written by article default Friday, 10 June 2011 07:47
Morning Report
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The secondary image of the four hour interval shows how the pair has formed a long black candlestick formation. This bearish structure is another indication Fibonacci levels of the CD leg for the efficient bearish harmonic butterfly are falling one after another or rather the journey of reaching the extended technical target are still in progress. The negativity is still appearing on Vortex indicator and breaching 100% will trigger a panic sell-off.
The trading range for today is among key support at 126.70 and key resistance at 133.60.
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 | 130.00 | 129.40 | 128.40 | 127.60 | 126.70 |
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| Resistance | 131.05 | 131.60 | 132.00 | 132.50 | 133.15 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 131.05 targeting 127.90 and stop loss above 133.10 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The sharp decline yesterday after breaching our detected 116.90 zones assisted the pair to close below 38.2% Fibonacci of XA leg once again; whilst the bearishness becomes clear on Stochastic as seen on the provided daily graph. Henceforth, the CD leg of the suggested Bat pattern is still in favor supported by the negative pressure of SMA 50. Coming beneath 115.70 will accelerate the negative scenario.
The trading range for today is among key support at 113.90 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 | 115.75 | 115.25 | 114.70 | 114.25 | 113.90 |
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| Resistance | 116.30 | 116.90 | 117.35 | 117.75 | 118.65 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 116.30 targeting 113.90 and stop loss above 118.15 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The royal pair continued its downside correction yesterday but we see how it inclined aggressively in the Asian session forming a clear bullish candlestick formation over four hour interval above SMA 50 as seen on the secondary image. Thereby, we still see chances for more bullishness over intraday basis supported by the symmetrical triangle of the bigger time frames. Breaching through 0.8915 will solidify today's constructive outlook.
The trading range for today is among the key support at 0.8760 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 | 0.8850 | 0.8820 | 0.8800 | 0.8790 | 0.8760 |
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| Resistance | 0.8900 | 0.8915 | 0.8965 | 0.9000 | 0.9030 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8870 targeting 0.9000 and stop loss below 0.8790 might be appropriate. | ||||
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