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Technical Cross
Written by article default Wednesday, 17 August 2011 11:18
Midday Report
The pair successfully breached the support of the rising wedge formation we mentioned this morning and settled below the level. Therefore, our morning scenario is activated. Breaching 126.15 may delay achieving the awaited targets.
The trading range for the day is among the major support at 122.55 and the major resistance at 127.65.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 125.05 | 124.65 | 124.00 | 123.30 | 123.00 |
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| Resistance | 125.90 | 126.15 | 126.65 | 127.05 | 127.65 |
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| Recommendation | Our morning scenario remains valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pairs showed some negativity this morning to breach 110.00 support level however it rebounded quickly above the level. Stochastic has entered oversold area, in general our morning expectations remain valid for the rest of the day so long as trading is below 111.20.
The trading range for the day 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 | 111.20 | 111.85 | 112.70 | 113.65 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 111.20 targeting 108.00 and stop loss above 112.70 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The pair is trading positively since morning attempting to surpass the 50 EMA which acts as good resistance and a barrier for the upside move. In general, and due to the positive factors we mentioned this morning, we will hold onto our morning expectations for the rest of the day. Stability above 0.8690 is required for our expectations to remain valid.
Trading range for the day is among the major support at 0.8670 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 | 0.8730 | 0.8690 | 0.8665 | 0.8615 | 0.8580 |
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| Resistance | 0.8810 | 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 with hourly closing above 0.8810 targeting 0.8885 and 0.8970 stop loss below 0.8730 may be appropriate. | ||||
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