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Technical Cross
Written by article default Friday, 15 July 2011 08:08
Morning Report
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The pair continued its recovery started at 124.70 zones as seen on the provided graph. Actually, this recovery was required to relax momentum indicators but we can see how Vortex-trend indicator- is still reflecting the strength of the bearishness which started at 139.95 zones. Henceforth, we still believe that the pair will show bearish tendency over coming sessions towards 161.8% Fibonacci projection of CD leg for the bearish harmonic Butterfly pattern but not before breaching 127.40 zones decisively once more.
The trading range for today is among key support at 123.95 and key resistance at 131.05.
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 | 127.60 | 126.70 | 126.30 | 125.50 | 124.35 |
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| Resistance | 128.90 | 129.40 | 130.00 | 130.50 | 131.10 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 127.40 targeting 123.95 and stop loss above 129.65 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is still achieving the previous explained consolidation below 61.8% Fibonacci retracement of the XA leg for the suggested harmonic BAT formation as seen on the provided daily graph. Stochastic needs more relief but Vortex is completely negative. Consequently, we need to witness a breakout below 111.60 to get rid off the sign on Stochastic. To conclude, we hold onto our negative predications until the pair places the PRZ -potential reversal zones- of the BAT pattern as far as trading remains below the previous broken support -turned into solid resistance- around113.50 zones.
The trading range for today is among key support at 107.80 and key resistance now at 114.75.
The general trend over short term basis is to the downside targeting 97.90 as far as areas of 132.50 remain intact.
| Support | 111.90 | 111.60 | 111.05 | 110.50 | 109.45 |
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| Resistance | 112.40 | 112.80 | 113.15 | 113.60 | 114.25 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair below 111.60 targeting 109.50 and stop loss above 113.25 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair slipped yesterday retesting the recently established support around 0.8750 zones where a break of which will cause a panic sell-off towards the full correctional level of CD leg for the efficient bearish harmonic AB=CD pattern. It is awaited to breach 100% level on its way towards 127.2% projection since the negativity continues on the graph below the collection of EMA 55 and SMA 20. Therefore, our bearish predictions might continue over intraday basis, supported by the negative signs on RVI and AROON.
The trading range for today is among the key support at 0.8625 and key resistance now at 0.8925.
The general trend over short term basis is to the upside targeting 1.0000 as far as areas of 0.8420 remain intact.
| Support | 0.8730 | 0.8715 | 0.8700 | 0.8680 | 0.8650 |
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| Resistance | 0.8790 | 0.8820 | 0.8850 | 0.8885 | 0.8900 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 0.8790 targeting 0.8630 and stop loss above 0.8900 might be appropriate. | ||||