Members login
Technical Cross
Written by article default Thursday, 21 July 2011 13:23
Midday Report
The pair continues to trade within the range shown in image above, and the 50 EMA continues to pressure the pair negatively. Therefore, our morning scenario remains valid for the rest of the day and requires stability below 128.15.
The trading range for today is expected among the key support at 124.85 and the key resistance at 129.00.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 126.90 | 126.65 | 126.10 | 125.65 | 124.85 |
|
|
|||||
| Resistance | 127.70 | 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 125.65 and stop loss above 129.40 OR selling the pair with the breach of 126.65 targeting 124.85 and stop loss above 127.70 might be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pair touched the resistance level of the symmetrical triangle formation that we mentioned in our morning report, after touching the level it reversed to the downside targeting the support level of the triangle. Therefore, our morining scenario was activated and remains valid for the rest of the day supported by the 50 EMA and the negativity on Stochastic.
The trading range for today is expected among the key support at 110.25 and the key resistance at 113.65.
The short term trend is to the downside as far as 123.65 remains intact with targets at 100.00.
| Support | 111.60 | 110.70 | 110.25 | 109.55 | 108.75 |
|
|
|||||
| Resistance | 111.90 | 112.45 | 113.25 | 113.65 | 114.10 |
|
|
|||||
| Recommendation | Our morning scenario remains valid and we recommend moving stop loss to breakeven. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The pair faced strong resistance at the neckline level for the bullish technical pattern we mentioned this morning at 0.8825 and pair is also approaching the support of the rising wedge formation, while Stochastic is attempting to crossover negatively over daily basis. In general, we remain neutral for today and observe trading around the sensitive levels we mentioned this morning awaiting more confirmations.
The trading range for today is expected among the key support at 0.8665 and the key resistance at 0.8940.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8750 | 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 we recommend observing trading today awaiting more confirmations | ||||
|
