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Technical Cross
Written by article default Friday, 12 August 2011 08:00
Morning Report
Trading rebounded to the upside and a possible range bound may be forming over intraday basis among 123.30-124.65 levels. Stochastic lost upside momentum after this incline, therefore, we will hold onto our expectations for a downside bias today targeting initially a breach of the range support. Steady trading below 125.05 is required for our expectations to remain possible.
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
108.00 support level managed to halt the downside attempts, where trading goes back around 109.00 again. While a new descending support over intraday basis has appeared-dashed red line- in addition to the persistent negative pressure from the 50 EMA, accordingly we expect more downside potential targeting mainly 106.10. Steady trading below 110.25 is required for our scenario to remain valid.
Trading range for the day is among the major support at 106.10 and the major resistance at 110.90.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 108.20 | 107.55 | 107.10 | 106.50 | 106.10 |
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| Resistance | 109.30 | 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 109.30 targeting 107.10 and stop loss above 110.25 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair continues to fluctuate around the retest level of the rising wedge formation after the wedge formation was completed by breaching its support which turned now into resistance at 0.8740. Negativity on stochastic and the 50 EMA pressure the pair negatively as well. Nevertheless, the past three day closing above resistance of the wedge will push us to expect an upside intaday move today. This scenario requires two conditions, breaching 0.8885 and stability above 0.8740.
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 | 0.8740 | 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 0.8740 targeting 0.8885 and stop loss with hourly closing below 0.8665 may be appropriate. | ||||
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