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Technical Cross
Written by article default Thursday, 30 June 2011 08:42
Morning Report
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Yesterday's anticipated correction was limited ideally below the full correctional level of CD leg for the efficient bearish harmonic butterfly pattern as seen on the provided daily chart. The aforesaid closing below 130.05 levels in addition to Stochastic entering overbought areas are technical factors that argue us to suggest potential harmonic downside rally targeting the next Fibonacci target at 127.2% projection of CD leg. In the interim, Vortex is still reflecting the strength of the bearish trend.
The trading range for today is among key support at 125.50 and key resistance at 132.50.
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 | 128.40 | 127.60 | 126.70 | 126.00 | 125.50 |
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| Resistance | 130.00 | 130.50 | 131.05 | 131.60 | 132.50 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 129.40 targeting 126.00 and stop loss above 131.60 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Yesterday's incline was stopped below 38.2% Fibonacci of XA leg for the proposed Bat pattern which seeks for completion as seen on the provided daily chart. We notice that the upside momentum from 113.50 zones started to lose its steam since Stochastic has entered overbought areas in the Asian session. We need to witness a breakout below the pivotal support of 115.75 to negate the weak positive sign on Vortex indicator. Accordingly, we hold onto our bearish anticipations over intraday basis as far as 38.2% retracement of XA remains intact with a daily closing.
The trading range for today is among key support at 113.50 and key resistance now at 118.60.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 115.75 | 115.25 | 114.75 | 114.25 | 113.50 |
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| Resistance | 116.95 | 117.30 | 117.80 | 118.35 | 118.60 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 115.75 targeting 113.50 and stop loss above 116.95 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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For the second consecutive day, the royal pair achieves a positive daily closing above C point where 100% Fibonacci of CD leg exists. As we discussed earlier, the harmonic "5-0" always send the price beyond the full correctional levels of CD leg. Thereby, we keep our bullish anticipations intact over intraday basis, mainly targeting 0.9040 zones -127.2% of CD- followed by 161.8% of CD leg at 0.9135 zones. SMA 50 carries the bullishness from below; whilst Stochastic is still positive despite entering overbought areas.
The trading range for today is among the key support at 0.8875 and key resistance now at 0.9140.
The general trend over short term basis is to the downside targeting 0.7780 as far as areas of 0.8965 remain intact.
| Support | 0.8980 | 0.8965 | 0.8925 | 0.8900 | 0.8875 |
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| Resistance | 0.9030 | 0.9070 | 0.9110 | 0.9140 | 0.9175 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.8985 targeting 0.9135 and stop loss below 0.8890 might be appropriate. | ||||