Members login
Technical Cross
Written by article default Tuesday, 19 July 2011 09:20
Morning Report
The pair declined yesterday (as shown on the secondary image), however it rebounded quickly to stabilize again above 127.00. Stochastic indicator is near over bought area, where we are still waiting for the pair to settle at 127.15 before heading to resume the expected intraday downside move for today. Targets start at 126.10 followed by 125.65. Breaching 128.15 may delay achieving the awaited targets.
Trading range for the day is among the major support at 124.85 and the major resistance at 129.00
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 126.90 | 126.45 | 126.10 | 125.65 | 124.85 |
|
|
|||||
| Resistance | 127.85 | 128.15 | 128.55 | 129.00 | 129.40 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 128.15 targeting 124.65 and stop loss above 129.40 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
 |
The pair is still trading among the 76.4% and 61.8% Fibonacci retracements as shown in image. Where the 50 EMA continues to pressure the pair negatively over intraday basis and supported by the negative momentum on Stochastic. Therefore, we expect intraday bearishness today targeting initially 110.25 and stability below 112.80 is required for our expectations to be valid.
Trading range for the day is among the major support at 109.55 and the major resistance at 112.80
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.70 | 110.25 | 109.55 | 108.75 | 108.20 |
|
|
|||||
| Resistance | 111.90 | 112.70 | 113.25 | 113.65 | 114.10 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair around 111.90 targeting 110.25 and stop loss above 112.80 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
 |
The pair couldn't stabilize below the support of the rising wedge formation –we mentioned in our previous report- which shifted slightly to 0.8735, and this may push the pair to incline to test the 50 EMA around 0.8845 before resuming the expected intraday downside move today affected by the negative factors we already mentioned in our weekly report. Stochastic positivity support the current rebound while we have to take into consideration that breaching 0.8845 will threaten the expected scenario.
Trading range for the day is among the major support at 0.8615 and the major resistance at 0.8890
The short term trend is to the downside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8730 | 0.8700 | 0.8665 | 0.8615 | 0.8580 |
|
|
|||||
| Resistance | 0.8790 | 0.8845 | 0.8890 | 0.8940 | 0.8975 |
|
|
|||||
| Recommendation | Based on the charts and explanations above our opinion is, selling the pair with hourly closing blow 0.8730 targeting 0.8615 and stop loss above 0.8790 may be appropriate. | ||||
