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Technical Cross
Written by article default Friday, 24 June 2011 08:49
Morning Report
The pair declined during yesterday's session, and now it confirms stability below point C of the bearish butterfly pattern, this movement indicates that the pair is willing to test the extended targets of the pattern which is the 127.2% projection of the CD leg, therefore we expect more downside movement for today, and ADX is hinting continuation of the downside channel.
Trading range for the day 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 | 128.70 | 128.30 | 127.40 | 126.70 | 126.45 |
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| Resistance | 129.40 | 130.05 | 130.50 | 130.80 | 131.60 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 129.40 targeting 127.40 and stop loss above 131.05 may be appropriate for today. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
A negative crossover on Stochastic and a downside movement on ADX suggest that the pair continues to form the Crab pattern, where the CD leg of this Crab is an AB=CD formation. The pair's stability below 114.90 is the reason to expect more downside movement for today.
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 | 114.90 | 115.25 | 115.75 | 115.90 | 116.30 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 114.90 targeting 112.10 and stop loss above 116.30 may be appropriate for today. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The decline yesterday was expected, however the pair started gathering positive momentum after touching 0.8865, this move indicates the we can rely on the 0-5 pattern although its not ideal, Stochastic tends to move steadily to the upside, while ADX is hinting a big slowdown in the downside move that happened yesterday. Therefore we expect an upside move for today and the move will be confirmed and even accelerated if the pair stabilizes above 0.8965
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 | 0.8900 | 0.8865 | 0.8820 | 0.8800 | 0.8750 |
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| Resistance | 0.8935 | 0.8965 | 0.9000 | 0.9040 | 0.9085 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair around 0.8900 targeting 0.9040 and stop loss below 0.8820 may be appropriate for today. | ||||
