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Technical Cross
Written by article default Wednesday, 27 July 2011 09:13
Morning Report
Sideways trading is dominating the pair's movement among 128.15 and 126.65 levels, where stochastic lost the upside momentum over four-hour basis. Therefore, we hold onto our bearish intraday expectations for today, targeting initially the support level of the aforementioned range followed by 125.65. Stability below 128.15 is required for our expectations to remain valid.
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 | 127.70 | 126.90 | 126.65 | 126.10 | 125.65 |
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| Resistance | 128.15 | 128.55 | 129.00 | 129.20 | 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 | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair settled within a narrow range since yesterday and still stuck within the rising wedge formation shown in image. The current negative wedge formation and negativity on stochastic push us to expect an intraday downside move for today, and this move requires a clear breach of the wedge support at 112.45 and stability below 113.65.
Trading range for the day is among the major support at 110.25 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 | 112.45 | 112.00 | 111.60 | 110.70 | 110.25 |
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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 112.45 targeting 110.25 and stop loss above 113.00 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair setteled below the neckline of the suggested bullish technical pattern at 0.8845, where there is a minor uptrend pushing price upward as shown in image. In addition to that, the 50 EMA is forming good support for the pair and the positivity on Stochastic as well. Therefore, we expect an intraday upside move today and requires a clear breach of 0.8845 and stability above 0.8820-0.8800. It's important to mention that the current upside move may be a minor correction and temprary within the main downside trend and this is clear by observing the correction levels shown above.
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 | 0.8820 | 0.8800 | 0.8750 | 0.8700 | 0.8665 |
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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 0.8845 targeting 0.9000 and stop loss below 0.8750 may be appropriate. | ||||
