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Technical Cross
Written by article default Tuesday, 26 July 2011 10:48
Morning Report
The pair continues to trade within a sideway range which is controlling the pair's movement since the middle of the current month, where the pair touched the resistance level of the range this morning. In general, we still hold onto our negative intraday expectations for today, where the negatvitiy on Stochastic in addition to the negative pressure from the 50 EMA are supporting the bearishness. Awaited targets are seen at 125.65 and requires stability below 128.15
Trading range for the day 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 | 126.90 | 126.65 | 126.10 | 125.65 | 124.85 |
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| Resistance | 127.70 | 128.15 | 128.55 | 129.00 | 129.20 |
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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 OR selling oil with a breach of 126.65 targeting 124.85 and stop loss above 127.70 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Trading is still stuck among the rising wedge formation- discussed yesterday. However, it reversed to the downside after approaching the resistance level of the formation this morning, where stochastic is still overbought , and this supports our intraday bearish expectations which requires two conditions, a clear breach of 112.25 and stability below 113.65.
Trading range for the day is among the major support at 110.70 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 | 112.25 | 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 hourly closing below 112.25 targeting 110.25 and stop loss above 113.00 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair successfully breached the neckline we mentioned yesterday at 0.8845, therefore, positive effect by the bullish technical pattern may push the pair to achieve upside intraday move for today supported by the 50 EMA. Negativity on stochastic may lead to some fluctuation and a re-test of the breached neckline before heading toward the awaited targets which reside mainly at 0.9000. Stability above 0.8845-0.8805 is required for our expectations to be valid.
Trading range for the day among the major support at 0.8700 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 | 0.8845 | 0.8805 | 0.8750 | 0.8700 | 0.8665 |
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| Resistance | 0.8890 | 0.8940 | 0.8975 | 0.9030 | 0.9080 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8845 targeting 0.9000 and stop loss below 0.8750 may be appropriate. | ||||
