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Technical Cross
Written by article default Monday, 25 July 2011 08:09
Weekly Report (25-29 july)
The pair is still trading within a sideway range among 128.15 and 126.65 as shown in image, where Stochastic reflects overbought case and the 50 EMA is pressuring the pair negatively as well, both are supporting current trading among the main descending channel . Therefore, we expect a downside move during the week targeting initially 125.65 followed by 124.85 and requires stability below 128.15.
Trading range for the week is among the major support at 124.00 and the major resistance at 129.40.
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 | 129.30 | 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)
Weekly Report (25-29 july)
The pair settled below the previously breached horizontal support at 113.65, and trading is confined among the rising wedge formation that supports the continuation of the downside move. The support of this fomation resides at 112.00, therefore, breaching the level is required to activate the formation effect which will push the pair initially toward 110.25. Stochastic shows overbought sign, supporting the suggested negativity. We have to mention that stability below 113.65 is required to activate the expected downside move for this week.
Trading range for the week is among the major support at 108.75 and the major resistance at 114.80.
The short term trend is to the downside targeting 100.00, as long as 123.30 remain intact.
| Support | 112.00 | 111.60 | 110.70 | 110.25 | 109.55 |
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| Resistance | 113.00 | 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 with four-hour closing below 112.00 targeting 110.25 and stop loss above 113.00 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (25-29 july)
On the main chart, we can see that the pair is trading within the possible rising wedge formation that resides inside the main asending channel shown in image. over the four-hour timeframe, a bullish technical pattern may be underdeveloment, the potential neckline of the pattern resides at 0.8845, thus, we are at a junction, where breaching the mentioned neckline will open the door toward 0.9000, while breaching 0.8750 will lead to testing 0.8550 level, therefore, we need to monitor trading carefully during the upcoming period around those sensitive levels to get more confirmations for the move.
Trading range for the week among the major support at 0.8550 and the major resistance at 0.9000.
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 selling the pair with four-hour closing below 0.0.8750 targeting 0.8550 and stop loss below 0.8845 may be appropriate. | ||||
