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Technical Cross
Written by article default Tuesday, 16 August 2011 09:49
Morning Report
The pair inclined to close yesterday above 125.65 level as shown above, and this might be the reason for more minor upside attempts, however and due to the main descending channel in addition to the negative pressure by the 50 EMA we recommend staying aside for now to monitor trading awaiting a sign of reversal and the resumption of the main downside move again, trading back below 125.65 will resume the intraday bearishness while breaching 126.00 may signal the continuation towards 126.70 and 127.50.
The trading range for the week is among the major support at 121.10 and the major resistance at 127.70.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 125.65 | 125.05 | 124.65 | 124.00 | 123.30 |
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| Resistance | 126.00 | 126.70 | 127.25 | 127.50 | 128.05 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmation for the next move. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair traded positively yesterday approaching the resistance level for the intraday downside move at 111.40 as shown on the chart, while Stochastic is gradually loosing upside momentum. Therefore, we think a downside reversal may be in progress from this resistance level and the pair will resume the main downside trend targeting 108.95 followed by 107.55. Breaching 111.40 may push the pair initially towards 112.75.
The trading range for the week is among the major support at 107.55 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 | 109.60 | 109.30 | 108.95 | 108.20 |
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| Resistance | 110.90 | 111.40 | 111.85 | 112.70 | 113.65 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 111.40 targeting 108.95 and stop loss above 112.70may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
Yesterday's closing above 0.8800 barrier and the 50 EMA are positive signs that support our expectations for the continuation of the upside intraday move today. Targeting mainly a breach of 0.8885 which is the neckline of a possible bullish technical pattern under development. Successfully breaching this level will open the door towards 0.9000 followed by 0.9125; stability above 0.8730 is important for our expectations to remain valid.
Trading range for the day is among the major support at 0.8665 and the major resistance at 0.9030.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8800 | 0.8730 | 0.8700 | 0.8665 | 0.8610 |
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| Resistance | 0.8885 | 0.8940 | 0.8975 | 0.9060 | 0.9080 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8885 targeting 0.9030 and stop loss below 0.8800 may be appropriate. | ||||