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Technical Cross
Written by article default Wednesday, 15 June 2011 08:18
Morning Report
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The pair is still respecting the resistance levels around 76.4% Fibonacci of CD leg for the bearish harmonic butterfly pattern -previous broken support- as seen on the provided image. In the interim, Stochastic started to enter overbought areas gradually; whilst Vortex indicator is still negative. Henceforth, we hold onto our bearish predications over intraday basis based on the negative effect of the aforementioned harmonic formation which takes the pair towards the extended targets below the second technical objective at 61.8% of its CD leg.
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 testing the middle line of Bollinger bands where the previous broken correctional minor uptrend line exists as it seems that the market is retesting it from below. We need a sustained breakout below 115.20 zones to unload the positive signs on momentum and trend indicators but the technical idea of resuming the formation of CD leg for the suggested harmonic bat pattern remains valid since trading is stable below 38.2% retracement of XA leg for the fifth consecutive day.
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 116.20 targeting 113.90 and stop loss above 117.95 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Yesterday's positive closing above SMA 50 is another technical confirmation that the pair is building a technical base to move higher over upcoming sessions since the PRZ -potential reversal zones- of the suggested bullish harmonic "5-0" pattern are being constructed for the time being. Additionally, Stochastic started to crossover bullishly inside oversold areas and thus, the bullishness is still in favor; noting that this pattern always sends the price beyond C levels but soft technical target resides around 0.8925 zones where 76.4% retracement of CD leg exists.
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 | 0.8780 | 0.8760 | 0.8730 | 0.8715 | 0.8700 |
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| Resistance | 0.8850 | 0.8870 | 0.8900 | 0.8915 | 0.8965 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8790 targeting 0.8915 and stop loss below 0.8695 might be appropriate. | ||||
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