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Technical Cross
Written by article default Tuesday, 14 June 2011 09:02
Morning Report
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The pair achieved a normal bounce from 100% Fibonacci retracement level of CD leg for our caught bearish harmonic butterfly pattern which represented our main technical objective since the opening of this month. This recovery might take the pair towards 76.4% level to retest it from below before moving lower once more to continue the trip or reaching the extended technical targets of the pattern after beating 61.8% retracement earlier. Vortex is still negative confirming our proposed bearish outlook.
The trading range for today is among key support at 128.40 and key resistance at 134.20.
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 | 131.05 | 130.50 | 130.00 | 129.40 | 128.40 |
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| Resistance | 132.00 | 132.50 | 133.15 | 133.60 | 134.20 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 131.95 targeting 128.40 and stop loss above 133.65 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is presently correcting the sharp decline after breaching 38.2% retracement of XA leg decisively during the previous week. We believe that it is on the way to retest the previous broken correctional trend line appearing on the provided image before moving downwards to form the CD leg of the proposed Bat pattern. SMA 50 still plays the role of ceiling for the time being.
The trading range for today is among key support at 113.60 and key resistance now at 117.75.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 115.25 | 114.75 | 114.25 | 113.90 | 113.60 |
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| Resistance | 116.00 | 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 116.00 targeting 113.60 and stop loss above 117.95 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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In line with yesterday's suggested scenario, the royal pair declined mildly touching 50% Fibonacci retracement of BC leg for the suggested bullish harmonic "5-0" pattern as seen on the provided daily graph. SMA 50 meets the pair around the present level; whilst RSI 14 of the four hour interval started to enter the oversold areas -secondary image- and thereby, we expect potential reversal, noting that this pattern always brings aggressive movements that always take the price beyond its C point.
The trading range for today is among the key support at 0.8680 and key resistance now at 0.8915.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8760 | 0.8730 | 0.8715 | 0.8700 | 0.8680 |
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| Resistance | 0.8820 | 0.8850 | 0.8870 | 0.8900 | 0.8915 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8780 targeting 0.8915 and stop loss below 0.8680 might be appropriate. | ||||