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Technical Cross
Written by article default Friday, 01 July 2011 09:40
Morning Report
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The pair stabilized with a comfortable daily closing below 100% Fibonacci retracement of CD leg for the bearish harmonic butterfly pattern. This aforesaid level at 130.05 in addition to the upper line of Keltner channel are acting as solid resistance for the time being and they may send the pair lower once more over intraday basis. Stochastic is still attempting to achieve the awaited crossover supporting our negative outlook. In the interim, Vortex reflects a bearish case.
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 | 130.05 | 130.50 | 131.05 | 132.00 | 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 daily closing was below 38.2% Fibonacci retracement of XA leg for the proposed bat pattern as seen on the provided graph. The upper line of Bollinger bands is very close; whilst Stochastic is presently overlapping negatively. Thereby, there is a chance for moving to the downside over intraday basis but not before breaching 115.75 to fix the bullish sign appearing on Vortex.
The trading range for today is among key support at 114.75 and key resistance now at 119.10.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 116.30 | 115.75 | 115.25 | 114.75 | 114.25 |
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| Resistance | 117.35 | 117.70 | 118.30 | 118.65 | 119.10 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with a breakout below 116.30 targeting 114.25 and stop loss above 117.35 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The royal pair has closed comfortably above the full correctional of CD leg if our successful bullish harmonic "5-0" pattern as seen on the provided graph. Now, Stochastic has the ability to force the pair to achieve some kind of correction which will be considered as a preparation process to resume the upside trip towards the next Fibonacci projection level at 161.8% of CD leg valued at 0.9135 after it succeeded in touching 127.2% yesterday.
The trading range for today is among the key support at 0.8915 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 | 0.9020 | 0.9000 | 0.8980 | 0.8950 | 0.8925 |
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| Resistance | 0.9070 | 0.9110 | 0.9140 | 0.9175 | 0.9215 |
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| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 0.9020 targeting 0.9135 and stop loss below 0.8940 might be appropriate. | ||||