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Technical Cross
Written by article default Wednesday, 22 June 2011 07:44
Morning Report
The pair is currently trading around 130.00 which is the bottom of point C of the bearish butterfly pattern shown above. Harmonic trading suggests that trading below this level should extend the pattern's targets toward 127.1% of the CD leg; the intraday resistance at 130.80 is also protecting the downside move that we are expecting for today.
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 | 130.50 | 130.80 | 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 130.15 targeting 127.40 and stop loss above 132.25 may be appropriate for today. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair inclined and stabilized above 50% retracement of the XA leg for the suggested harmonic structure, which is expected to be a Bat pattern, the upside move was very weak, and ADX proves that by trading negatively below 14;therefore, we will keep on our negative expectations for the pair.
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 | 115.25 | 114.90 | 114.25 | 113.60 | 112.80 |
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| Resistance | 115.75 | 115.90 | 116.30 | 116.90 | 117.30 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around115.45, targeting 112.10 and stop loss above 116.30 may be appropriate for today. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair is trading within a narrow range above 0.8835 and resisting the negativity on Stochastic,this proves that the pair is affected by the bullish 0-5 pattern, although the pattern is not ideal, it proved reliability and we can rely on it. Stability above 0.8835 increase the possibility of an upside move for today
Trading range for the day is among the major support at 0.8750 and the major resistance at 0.9040
The short term trend is to the downside as long as 0.8965 holds targeting 0.7780
| Support | 0.8850 | 0.8820 | 0.8800 | 0.8795 | 0.8750 |
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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 0.8850 targeting 0.9040 and stop loss below 0.8750 may be appropriate for today. | ||||
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