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Technical Cross
Written by article default Monday, 08 August 2011 09:09
Weekly Report (08-12 August 2011)
The pair closed last week below the resistance of the descending channel shown on the image above, and the 50 EMA formed a good resistance that halted upside attempts. These factors in addition to the negativity on Stochastic hint that the downside move may continue this week targeting initially 124.00 and 121.80. Steady daily closing below 128.55 is required for our expectations to remain valid.
Trading range for the week is among the major support at 121.80 and the major resistance at 130.55.
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 | 125.50 | 124.85 |
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| Resistance | 128.55 | 129.00 | 129.40 | 130.00 | 130.55 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 128.55 targeting 124.85 and stop loss above 130.00 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (08-12 August 2011)
The pair is stuck among the 61.8% and 76.4% Fibonacci levels shown above, while it maintains stability below the pivotal support at 113.65, in addition to the negative pressure from the 50 EMA, all suport our expectation for a downside move this week targeting a breach of 110.25 to open the door for the pair toward 107.55 then 106.15. Stability below 112.80 is important for these expectations to remain valid.
Trading range for the week is among the major support at 107.55 and the major resistance at 113.65.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.90 | 110.25 | 109.55 | 108.75 | 108.20 |
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| Resistance | 112.00 | 112.80 | 113.65 | 114.10 | 114.80 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 110.90 targeting 107.55 and stop loss above 112.00 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (08-12 August 2011)
The pair started the week near the retest level of the breached support at 0.8750 as shown above, however last week closing was below the level, in addition to stability below the support of the rising wedge formation (colored in red) hinting a downside move this week targeting mainly 0.8550. Stability below 0.8790-0.8750 support is required.
Trading range for the week is among the major support at 0.8500 and the major resistance at 0.8880.
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 | 0.8550 | 0.8500 |
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| Resistance | 0.8705 | 0.8750 | 0.8790 | 0.8840 | 0.8890 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8750 targeting 0.8550 and stop loss above 0.8840 may be appropriate. | ||||