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Technical Cross
Written by article default Thursday, 11 August 2011 08:36
Morning Report
The pair continues to trade with a downside bias settling around 124.00. The descending channel effect continues as well and the bearish technical pattern which completed with the breach of the neckline at 130.55 and has targets that meet with the channels' support around 121.10. Therefore, we expect the continuation of intraday bearishness today, it may be preceeded by a minor correction due to momentum indicators oversold stance. Stability above 125.05 may delay the expected move.
Trading range for the day is among the major support at 121.10 and the major resistance at 126.65.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 124.00 | 123.30 | 123.00 | 122.55 | 122.00 |
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| Resistance | 124.65 | 125.05 | 125.65 | 126.20 | 126.75 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 124.65 targeting 121.10 and stop loss above 125.65 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair managed to settle below 110.25, and this pushed it towards 108.20 supported by the negative pressure from the 50 EMA. These factors hint more downside intraday movement. Mainly targeting 107.10 and 106.10, breaching back above 110.25 may delay the awaited targets.
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 | 108.75 | 108.20 | 107.55 | 107.10 | 106.50 |
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| Resistance | 109.55 | 109.90 | 110.25 | 110.90 | 111.25 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 109.90 targeting 107.10 and stop loss above 110.90 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair is close to a retest of the previously breached resistance of the rising wedge formation discussed yesterday. This level resides now near 0.8750. Negativity on Stochastic hints that the pair may spend some time at the current levels before gathering upside momentum to support the continuation of the intraday upside wave expected for today. The upside move requires stability above 0.8750 followed by a clear breach of 0.8885 and we will mention why this level is important in following reports.
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 | 0.8750 | 0.8705 | 0.8665 | 0.8615 | 0.8580 |
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| Resistance | 0.8805 | 0.8885 | 0.8940 | 0.8975 | 0.9030 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8750 targeting 0.8885 and stop loss with hourly closing below 0.8665 may be appropriate. | ||||