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Technical Cross
Written by article default Wednesday, 10 August 2011 09:40
Morning Report
The downside bias continues and the pair settled around 125.00 as shown above. Trading is within the main descending channel, in addition to the persistent negative pressure from the 50 EMA. Therefore, we expect the continuation of the intraday downside move today targeting 122.00. Positivity on momentum indicators hint that we may see some sideways movement before heading to the awaited target. Stability below 126.20 is required for our expectations to be valid.
Trading range for the day is among the major support at 122.00 and the major resistance at 127.50.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 124.85 | 124.00 | 123.30 | 123.00 | 122.55 |
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| Resistance | 125.65 | 126.20 | 126.75 | 127.25 | 127.70 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 125.65 targeting 122.00 and stop loss above 126.75 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is fluctuating around the 76.4% fibonacci retracement at 110.25, without achieving a daily closing yesterday below the level. Trading remains under downside pressure in general where the 50 EMA continues to pressure intraday and short term trading. While stability below the breached pivotal support at 113.65 hints to more bearishness over intraday basis targeting 107.10. Two conditions are required to achieve the targets; stability below 110.25 and steady trading below 111.25.
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 | 110.25 | 109.55 | 108.75 | 108.20 | 107.55 |
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| Resistance | 110.90 | 111.25 | 111.85 | 112.80 | 113.65 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 110.25 targeting 108.20 and stop loss above 111.25 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair rallied to the upside to complete the formation of a positive falling wedge and invalidate our expectations yesterday to reach the support levels of the main ascending channel around 0.8550. Therefore, we expect positive trading today affected by the aforementioned bullish pattern. However, the 50 EMA may form an upside barrier for the pair, specially that Stochastic is loosing upside momentum. We may witness a retest of 0.8755 before heading toward our expected targets at 0.8890 and 0.8975.
Trading range for the day is among the major support at 0.8665 and the major resistance at 0.8975.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8795 | 0.8755 | 0.8705 | 0.8665 | 0.8615 |
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| Resistance | 0.8840 | 0.8890 | 0.8940 | 0.8975 | 0.9030 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8755 targeting 0.8890 and stop loss below 0.8665 may be appropriate. | ||||