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Technical Cross
Written by article default Friday, 22 July 2011 09:08
Morning Report
The pair is trading around the pivotal resistance at 128.15, where stochastic is overbought , and this is what supports this resistance and push us to hold onto our bearish intraday move expectation for today targeting initially 126.65 followed by 125.65. While stability above the aforementioned resistance may push the pair towards the resistance of the main descending channel shown in image above.
Trading range for the day is among the major support at 125.65 and the major resistance at 130.00.
The short term trend is to the downside targeting 112.00, as long as 150.00 remain intact.
| Support | 127.70 | 126.90 | 126.65 | 126.10 | 125.65 |
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| Resistance | 128.15 | 128.55 | 129.00 | 129.40 | 130.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 128.15 targeting 125.65, stop loss above 129.40 may be appriopriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair settled for 50% of the suggested targets we mentioned yesterday after the support of the symmetrical triangle halted the downside move, and the pair rebounded to the upside as shown in image. The pair is attempting to retest the pivotal level around 113.65 where Stochastic is oversold, and this is what make us expect an intraday bearish move for today targeting initially 112.00 and 111.00 while stability below 113.65 is required for this expectation to be valid.
Trading range for the day is among the major support at 110.70 and the major resistance at 113.65.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 112.80 | 112.00 | 111.60 | 110.70 | 110.25 |
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| Resistance | 113.25 | 113.65 | 114.10 | 114.80 | 115.10 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 113.65 targeting 111.60 and stop loss above 114.85 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair goes back to hover around the previously mentioned neckline around 0.8825 and settled above the 50 EMA. It rebounded to the upside from the support of the rising wedge formation and the current fluctuation make us expect a breach of the neckline and this will open the door for more intraday upside move targeting 0.8940. While breaching 0.8800 and stabilizing below it shall push the pair to attempt again to breach the support of the rising wedge, please review our weekly report for more details over the mentioned pattern.
Trading range for the day is among the major support at 0.8700 and the major resistance at 0.8940.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8810 | 0.8750 | 0.8700 | 0.8665 | 0.8615 |
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| Resistance | 0.8845 | 0.8890 | 0.8940 | 0.8975 | 0.9030 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8825 targeting 0.8940 and stop loss below 0.8750 may be appropriate. | ||||
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