Members login
Technical Cross
Written by article default Thursday, 16 June 2011 09:14
Morning Report
Click on the image for a larger view
 |
The pair achieved the awaited negative daily closing below 88.6% Fibonacci retracement of CD leg for the bearish harmonic butterfly pattern as seen on the provided daily graph. Furthermore, Stochastic started to show the ability to crossover bearishly; whilst Vortex reflects a clear bearish case. Consequently, we still see chances for additional bearishness as the pair is beating Fibonacci levels or rather the extended technical targets of the harmonic structure one after another. Breaching 130.05 -the full correctional level- will trigger a panic sell-off over intraday basis.
The trading range for today is among key support at 127.60 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 | 130.50 | 129.40 | 128.40 | 127.60 | 126.70 |
|
|
|||||
| Resistance | 131.60 | 132.00 | 132.50 | 133.15 | 133.65 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 131.20 targeting 128.40 and stop loss above 133.25 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Click on the image for a larger view
 |
Violent downside movements have been seen during the previous sessions where the pair has closed negatively below 50% Fibonacci of XA leg once more. The long black candlestick formation in addition to the negativity on Vortex indicator are technical factors that argue us to keep our bearish outlook intact over intraday basis as we believe that the CD leg of the suggested Bat pattern is still in progress. Focusing now is on 61.8% retracement followed by 76.4% of XA leg to be the soft technical objectives.
The trading range for today is among key support at 111.65 and key resistance now at 116.90.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 113.90 | 113.60 | 113.15 | 112.80 | 11.40 |
|
|
|||||
| Resistance | 114.75 | 115.25 | 115.75 | 116.30 | 116.90 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 114.75 targeting 112.40 and stop loss above 116.50 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
Click on the image for a larger view
 |
Yesterday's daily closing below SMA 50 has negated the probability of forming the PRZ of our previous proposed bullish harmonic "5-0" pattern -check the previous report- and now we see how the correction for the upside rally form 0.8609 to 0.8973 has extended within a descending channel aiming 76.4% Fibonacci level. At the same time, SMA 50 offers solid resistance areas but RSI 14 reflects an obvious oversold case. The contrarian between momentum and trend indicators in addition to the sensitivity of areas around 76.4% retracement of the aforementioned rally are technical factors that force us to stay aside over intraday basis until the pair shows a clearer sign.
The trading range for today is among the key support at 0.8605 and key resistance now at 0.8870.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8715 | 0.8700 | 0.8680 | 0.8655 | 0.8630 |
|
|
|||||
| Resistance | 0.8780 | 0.8800 | 0.8820 | 0.8850 | 0.8875 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move. | ||||