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Technical Cross
Written by article default Tuesday, 21 June 2011 08:09
Morning Report
The pair inclined yesterday; however the upside moves couldn’t push the pair to stabilize above the bottom of point C of the bearish butterfly pattern, and Stochastic is negative, this may push the pair to move to the downside today, to reach the 127.2% extended target of the CD leg of the butterfly pattern, breaching 131.05 may delay the move.
Trading range for the week is among the major support at 126.70 and the major resistance at 132.45.
The short term trend is to the downside as long as 150.75 holds targeting 118.80.
| Support | 129.40 | 129.05 | 128.40 | 127.60 | 126.70 |
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| Resistance | 130.00 | 130.50 | 131.05 | 131.60 | 132.00 |
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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 today. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair touched the 50% Fibonacci retracement level of XA of the suggested Bat pattern, however, the pair failed to stabilize above this level at 114.90. Therefore, we will keep our negative expectations for the pair today, where stability below 116.30 is necessary for our expectations to remain valid.
Trading range for the day is among the major support at 111.60 and the major resistance at 116.90.
The short term trend is to the downside as long as 132.50 holds targeting 97.90.
| Support | 114.25 | 113.60 | 112.80 | 112.10 | 111.60 |
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| Resistance | 115.25 | 115.75 | 115.90 | 116.30 | 116.90 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 115.00 targeting 112.10 and stop loss above 116.30 may be appropriate for today. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
After touching 0.8790 level, the pair rallied to prove the reliability of the (0-5) pattern although the correction of CD leg is not ideal. And now, with stability above 0.8835 level, more upside movement is anticipated, mentioning that the targets of this pattern extend to levels above Point C, in this case to levels above 0.8976.
Trading range for the day is among the major support at 0.8750 and the major resistance at 0.9000.
The short term trend is to the downside as long as 0.8965 holds targeting 0.7780.
| Support | 0.8820 | 0.8800 | 0.8795 | 0.8730 | 0.8700 |
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| Resistance | 0.8870 | 0.8900 | 0.8965 | 0.9000 | 0.9040 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 0.8820 targeting 0.9040 and stop loss below 0.8730 may be appropriate for today. | ||||
