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Technical Cross
Written by article default Friday, 17 June 2011 08:20
Morning Report
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The pair is presently hitting the initial support around 100% Fibonacci level for our caught bearish harmonic butterfly pattern which proved its efficiency. The negative signs continued on momentum and trend indicators as seen on the provided daily graph. Thereby, we see chances for resuming the scenario of reaching the extended technical objectives of the pattern where focusing now is on 127.2% Fibonacci projection of CD leg at 127.35.
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 | 129.40 | 128.40 | 127.60 | 126.70 | 126.00 |
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| Resistance | 130.50 | 131.05 | 131.60 | 132.00 | 132.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 130.20 targeting 127.70 and stop loss above 132.25 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair has been capable of achieving a confirmed negative closing below 50% Fibonacci retracement of XA leg for the suggested harmonic Bat pattern as seen on the provided daily chart. In the interim, the bearish signs continue on momentum indicators, Stochastic and Vortex; thus, the bearishness is still in favor particularly if it succeeded in penetrating the pivotal support zones around 113.50 zones since the CD leg is still in progress and eyeing now is on 61.8% followed by 76.4% Fibonacci levels as soft technical objectives for our harmonic scenario.
The trading range for today is among key support at 111.05 and key resistance now at 116.30.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 113.60 | 113.15 | 112.80 | 112.40 | 112.10 |
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| Resistance | 114.25 | 114.75 | 115.25 | 115.75 | 116.30 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 114.35 targeting 112.10 and stop loss above 116.00 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The royal pair succeeded in reaching the upper line of our captured bearish channel as seen on the provided four hour chart. This resistance meets 50% Fibonacci of the upside rally from 0.8609 to 0.8973; whilst SMA 50 is protecting the entire correctional actions. Those bearish technical factors contradict with the positive sign on AROON which is also unconfirmed. To recap, this contrarian between signs along with facing sensitive areas force us to stay aside over intraday basis awaiting for more confirmations to define the next direction.
The trading range for today is among the key support at 0.8630 and key resistance now at 0.8900.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8730 | 0.8715 | 0.8700 | 0.8680 | 0.8655 |
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| Resistance | 0.8800 | 0.8820 | 0.8850 | 0.8875 | 0.8900 |
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| Recommendation | Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move. | ||||