Members login
Technical Cross
Written by article default Friday, 05 August 2011 11:28
Midday Report
The pair is trading withing a narrow range since morning below the resistance of the main descending channel and the 50 EMA, therefore, our morning expectations remain valid for the rest of the day and requires stability below 128.65.
Trading range for the day is among the major support at 129.40 and the major resistance at 124.85.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact
| Support | 127.70 | 127.05 | 126.40 | 126.10 | 125.50 |
|
|
|||||
| Resistance | 128.20 | 128.65 | 129.00 | 129.40 | 130.00 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 128.65 targeting 125.50 and stop loss above 130.00 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pair is moving with an upside bias since morning after touching the 76.4% Fibonacci retracement level at 110.25 affected by the positivity on stochastic, in general, we hold onto our morning expectations , however we need a clear breach of 110.25 to activate our bearish scenario. Stability below 112.00 keeps our negative scenario possible.
Trading range for the day is among the major support at 107.55 and the major resistance at 112.30.
The short term trend is to the downside targeting 100.00, as long as 123.30 remain intact.
| Support | 110.25 | 109.55 | 108.75 | 108.20 | 107.55 |
|
|
|||||
| Resistance | 111.50 | 112.00 | 112.80 | 113.65 | 114.10 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 110.25 targeting 107.55 and stop loss above 111.50 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The pair touched the awaited minor resistance at 0.8705, therefore, our morning scenario is activated and remains valid so long as 0.8750 remains intact,
Trading range for the day is among the major support at 0.8540 nd the major resistance at 0.8780.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8665 | 0.8615 | 0.8580 | 0.8555 | 0.8500 |
|
|
|||||
| Resistance | 0.8705 | 0.8750 | 0.8780 | 0.8810 | 0.8890 |
|
|
|||||
| Recommendation | Our morning scenario remains valid. | ||||