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Technical Cross
Written by article default Monday, 20 June 2011 08:11
Weekly Report (20-24 June, 2011)
The pair stabilized below the bottom of point C of the bearish Butterfly pattern, this move suggests the extension of the downside move toward 127.2% of the CD leg, or even the 161.8% level, these levels are the extended targets of the pattern; therefore we believe that bearishness may dominate trading during this week. Trading below 130.05 support the downside move.
Trading range for the week is among the major support at 124.00 and the major resistance at 134.20.
The short term trend is to the downside as long as 150.75 holds targeting 118.80.
| Support | 129.05 | 128.40 | 127.40 | 126.70 | 126.00 |
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| Resistance | 130.00 | 130.40 | 131.05 | 131.45 | 132.25 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 130.00 targeting 127.40 and stop loss above 132.25 may be appropriate for the week | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (20-24 June, 2011)
Trading below 114.90 level which is the 50% retracement of the XA leg of the suggested harmonic pattern suggests more downside movement while forming the CD leg of a possible Bat pattern. ADX is indicating continuation of the downside move, while Stochastic is not able to move to the upside. Therefore, we expect the pair to move to the downside.The down side move is very possible if the pair stabilizes below the 50% retracement level, while breaking 112.90 may result in a strong down move.
Trading range for the week is among the major support at 110.45 and the major resistance at 116.30.
The short term trend is to the downside as long as 132.50 holds targeting 118.80.
| Support | 113.60 | 112.80 | 112.10 | 111.60 | 111.05 |
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| Resistance | 114.25 | 114.90 | 115.25 | 115.90 | 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 may be appropriate for the week. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (20-24 June, 2011)
Actually, the pair's inability to touch 0.8670 level which is the bottom of point X for the (0-5) bullish pattern suggests that the pattern didn’t fail yet and we will rely on it specially that we didn’t see a four-hour closing below 61.8% retracement level of the BC leg at 0.8750. The pair is trading around the 38.2% of the same leg. Where stability above this level will result in more upside movement; therefore, we expect upside movement for this week, counting on the suggested harmonic structure, where despite the fact that the pattern is not ideal, it is still valid.
Trading range for the week is among the major support at 0.8605 and the major resistance at 0.9070.
The short term trend is to the downside as long as 0.9865 holds targeting 0.7780.
| Support | 0.8800 | 0.8790 | 0.8750 | 0.8730 | 0.8715 |
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| Resistance | 0.8840 | 0.8875 | 0.8915 | 0.8965 | 0.9000 |
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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 may be appropriate for the week. | ||||
