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Technical Cross
Written by article default Thursday, 04 August 2011 09:30
Morning Report
The pair inclined sharply to breach the resistance of the main descending channel that started from the top near 140.00, in addition to breaching the 50 EMA and currently approaching the retest level of the previously breached pivotal support at 130.55 shown above. Stochastic is loosing upside momentum indicating a possible downside reversal after retesting the mentioned level, however we will remain neutral for now and monitor the pair around the sensitive retest levels at 130.55 and 128.50.
Trading range for the day is among the major support at 127.05 and the major resistance at 131.75.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 129.00 | 128.50 | 127.70 | 127.05 | 126.40 |
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| Resistance | 130.00 | 130.55 | 130.80 | 131.30 | 131.75 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside and monitoring trading around the mentioned sensitive levels. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair inclined sharply and currently close to the previously breached horizontal support at 113.65 along with the 50 EMA. Therefore, we expect an intraday downside move targeting initially 111.70. Breaching 113.65 will invalidate the bearish scenario and lead to more bullishness towards 114.80.
Trading range for the day is among the major support at 110.25 and the major resistance at 115.80.
The short term trend is to the downside targeting 100.00, as long as 123.30 remain intact.
| Support | 112.80 | 112.30 | 111.70 | 111.20 | 110.65 |
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| Resistance | 113.65 | 114.10 | 114.80 | 115.10 | 115.50 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 113.65 targeting 111.70 and stop loss above 114.80 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair maintained stability below the previously breached neckline at 0.8750 and the support of the rising wedge formation shown in the image. Therefore, we hold onto our bearish intraday expectations for today targeting mainly 0.8555. Stability below 0.8750-0.8780 resistance is important for our expectations to remain valid.
Trading range for the day is among the major support at 0.8555 and the major resistance at 0.8820.
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 | 0.8780 | 0.8820 | 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 0.8555 and stop loss above 0.8825 may be appropriate. | ||||
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