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Technical Cross
Written by article default Friday, 19 August 2011 08:00
Morning Report
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The pair successfully breached the support of the minor ascending channel shown in image, which turns into a resistance at 126.15 now. The 50 EMA supports price and may push it to retest the breached level. Stochastic is providing negative signs, therefore, we expect a downside intraday move targeting mainly 125.05 and 124.00, and requires stability below 126.95.
The trading range for the day is among the major support at 122.55 and the major resistance at 127.55.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 126.00 | 125.05 | 124.65 | 124.00 | 123.30 |
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| Resistance | 126.15 | 126.95 | 127.55 | 128.05 | 128.50 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 126.15 targeting 124.00 and stop loss with hourly closing above 126.95 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The downside pressure continues, and the pair settled below 110.00 barrier, while stochastic continues to provide negative signs over daily basis that pushes the pair to gradually reach the sensitive intraday support at 108.90. In addition to the negative pressure from the 50 EMA. Therefore, we expect the downside bias to continue and requires to conditions , a clear breach of 108.90 and stability below 110.75.
The trading range for the day is among the major support at 107.55 and the major resistance at 111.75.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 109.30 | 108.90 | 108.20 | 107.55 | 107.10 |
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| Resistance | 109.60 | 110.25 | 110.75 | 111.55 | 111.85 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach of 108.90 targeting 107.10 and stop loss with hourly closing above 109.70 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair continues to fluctuate around the retest level of the breached falling wedge which continues to decline to reside now at 0.8665. At the same time, stochastic is clearly oversold over daily basis, therefore, we expect resumption of the upside move during the upcoming period targeting initially 0.8785. Stability below 0.8665 may delay achieving the awaited targets.
Trading range for the day is among the major support at 0.8560 and the major resistance at 0.8885.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8665 | 0.8595 | 0.8560 | 0.8500 | 0.8455 |
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| Resistance | 0.8755 | 0.8785 | 0.8830 | 0.8885 | 0.8940 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8665 targeting 0.8785 and 0.8885. Stop loss below 0.8595 may be appropriate. | ||||
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