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Technical Cross
Written by article default Tuesday, 02 August 2011 08:14
Morning Report
The pair declined sharply yesterday to breach the support of the range bound and approach the awaited targets at 124.00. The pair is trading around the retest level of the breached support at 126.65. Closing yesterday below this level push us to expect the continuation of the downside move targeting again 124.00. Trading above 126.65 may delay the awaited targets.
Trading range for the day among the major support at 123.30 and the major resistance at 128.15.
The short term trend is to the upside targeting 112.00 as long as 150.00 remain intact.
| Support | 126.10 | 125.65 | 124.85 | 124.00 | 123.30 |
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| Resistance | 126.65 | 126.90 | 127.50 | 128.15 | 128.55 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 126.65 targeting 124.00 and stop loss above 128.15 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair declined sharply to completely breach 76.4% Fibonacci correction at 110.25 as shown in image, while the pair is fluctuating around the level for a retest. The pair is still pressured by the bearish technical pattern that was completed by breaching the neckline at 113.65. Therefore, we expect continuation of the intraday downside move today targeting 108.75 followed by 107.55. Stability above 110.25 may delay the awaited targets.
Trading range for the day is among the major support at 107.55 and the major resistance at 112.00.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 109.55 | 108.75 | 108.20 | 107.55 | 107.10 |
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| Resistance | 110.25 | 110.50 | 111.10 | 111.60 | 112.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 110.25 targeting 108.20 and stop loss above 111.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair aquired a daily closing below the neckline we mentioned yesterday at 0.8750 in addition to closing below the support of the rising wedge formation, these factors suggest intraday bearishness targeting mainly the support of the short term ascending channel at 0.8555. Stability below 0.8750-0.8775 is required for our expectations to be valid.
Trading range for the day is among the major support at 0.8555 and the major resistance at 0.8900.
The short term trend is to the upside targeting 1.0370, as long as 0.8165 remain intact.
| Support | 0.8700 | 0.8665 | 0.8615 | 0.8580 | 0.8555 |
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| Resistance | 0.8750 | 0.8775 | 0.8825 | 0.8890 | 0.8940 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8750 targeting 0.85555 and stop loss above 0.8825 may be appropriate. | ||||
