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Technical Cross
Written by article default Friday, 08 July 2011 11:26
Midday Report
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The pair didn't show any big move since morning but actually it started to show some kind of bearish tendency while writing this report. We need to it breaching through the pivotal support areas of 129.40 to make sure that the bearishness will continue over intraday basis. Anyway, we hold onto our negative anticipations for the rest of the day due to the effect of the bearish harmonic butterfly pattern as we discussed several times before.
The trading range for today is among key support at 126.70 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 | 128.85 | 128.40 | 127.60 | 126.70 | 125.50 |
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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 below 129.40 targeting 126.25 and stop loss above 131.70 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair slipped below the morning mentioned support around 116.20 along with long black candlestick pattern as seen on the provided four hour graph. The bearish effect of the caught bearish harmonic butterfly may continue over intraday basis; whilst areas around 115.25 becomes under our technical microscope. Momentum and trend indicators solidify our constructive overview.
The trading range for today is among key support at 113.50 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 | 115.25 | 114.70 | 114.25 | 113.50 | 113.15 |
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| Resistance | 116.20 | 116.95 | 117.30 | 117.85 | 118.35 |
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| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The royal pair moved downwards once more during the previous session, but we see how SMA is carrying the movements from below. Therefore, we look forward to see it moving upwards once more since Stochastic is still moving within oversold areas, confirming the technical idea of resuming the upside journey to achieve more upside targets for the bullish harmonic 5-0 pattern as we discussed in details this morning.
The trading range for today is among the key support at 0.8870 and key resistance now at 0.9110.
The general trend over short term basis is to the upside targeting 1.0000 as far as areas of 0.8420 remain intact.
| Support | 0.8925 | 0.8900 | 0.8870 | 0.8850 | 0.8820 |
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| Resistance | 0.8980 | 0.9000 | 0.9030 | 0.9070 | 0.9110 |
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| Recommendation | Our morning expectations remain valid. | ||||
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