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Technical Cross
Written by article default Tuesday, 09 August 2011 08:14
Morning Report
Downside pressure continues on the pair, to achieve the awaited initial target at 125.00 where it rebounded to the upside attempting to retest the breached minor support at 127.25. Stochastic is providing negative signs, therefore we will hold onto our bearish expectations over intraday basis supported by the 50 EMA and trading among the descending channel shown in image. Stability below 127.25 is important for the downside move.
Trading range for the day is among the major support at 122.00 and the major resistance at 128.50.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact
| Support | 126.10 | 125.30 | 124.85 | 124.00 | 123.30 |
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| Resistance | 126.40 | 127.25 | 127.70 | 128.50 | 129.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 127.25 targeting 125.30 and stop loss above 128.50 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair successfully breached the 76.4% Fibonacci level and closed few pips below the level yesterday, thus, we have a good confirmation for the intraday potential downside move initially targeting 107.55. The 50 EMA supports the downside move, The move requires stability below 110.25.
Trading range for the day is among the major support at 107.10 and the major resistance at 111.85.
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 | 110.90 | 111.25 | 111.85 | 112.80 |
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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 111.25 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair maintains stability below the pivotal breached support at 0.8750, where it find some difficulty continuing the downside journey affected by positivity on stochastic which may result in fluctuation around the breached support. In general, and due to the aforementioned breach of the support and the rising wedge formation in addition to the negative pressure from the 50 EMA we will continue to expect intraday bearishness targeting mainly 0.8550. Stability below 0.8750 is important to not delay the move.
Trading range for the day is among the major support at 0.8580 and the major resistance at 0.8795.
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 | 0.8750 | 0.8795 | 0.8840 | 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 0.8615 and stop loss above 0.8795 may be appropriate. | ||||