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Technical Cross
Written by article default Friday, 29 July 2011 08:06
Morning Report
The pair continues attempting to breach the sideways range support at 126.65, supported by stability below the 50 EMA. Stochastic is providing clear negative signs, while a bearish technical pattern is starting to be shaped as shown above. Accordingly, we will hold onto our expectations for a bearish bias today where a clear breach of 126.65 is required to activate the scenario. Trading above 127.50 may delay the awaited downside move.
Trading range for the day is among the major support at 123.30 and the major resistance at 128.15.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 126.65 | 126.10 | 125.65 | 124.85 | 124.00 |
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| Resistance | 126.90 | 127.50 | 128.15 | 128.55 | 129.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair 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
The pair encountered a strong support at 111.00 which halted the continuation of the downside move in addition to the positivity on momentum indicators. These factors in addition to beaching the pivotal support at 113.65 hints that the downside intraday move may continue today targeting initially 110.25. Stability below 112.30 is important for our expectations to remain valid.
Trading range for the day is among the major support at 108.75 and the major resistance at 113.00.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.80 | 110.25 | 109.55 | 108.75 | 108.20 |
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| Resistance | 111.60 | 112.00 | 112.30 | 112.75 | 113.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach of 110.80 targeting 109.55 and stop loss above 111.60 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair settled above the support of the rising wedge formation shown above, while it's still having difficulties to confirm the breach of the pivotal supprt at 0.8750 which is the neckline for a potential bearish technical pattern. The 50 EMA besides negativity on Stochastic support the awaited breach of the neckline. Therefore, we expect an intraday downside move for today, which requires two conditions; a clear breach of 0.8750 and stability below 0.8835.
Trading range for the day among the major support at 0.8580 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 | 0.8750 | 0.8700 | 0.8665 | 0.8615 | 0.8580 |
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| Resistance | 0.8800 | 0.8835 | 0.8890 | 0.8940 | 0.8975 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 0.8750 targeting 0.8600 and stop loss above 0.8835 may be appropriate. | ||||
