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Technical Cross
Written by article default Tuesday, 23 August 2011 09:28
Morning Report
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The pair continues to trade within a narrow range since yesterday stuck among the 38.2% and 50.0% Fibonacci levels as shown in image. Stochastic is still negative over daily basis, therefore, we expect an intraday downside move for today targeting initially 125.05 and 124.00, and requires stability below 127.55.
The trading range for the week is among the major support at 120.80 and the major resistance at 128.50.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 126.15 | 125.75 | 125.05 | 124.65 | 124.00 |
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| Resistance | 127.00 | 127.55 | 128.05 | 128.50 | 129.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 127.00 targeting 125.05 and stop loss with hourly closing above 127.80 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair maintains daily closing below the resistance level we mentioned in our previous reports and shown in image above. While the 50 EMA continues to pressure the pair negatively, therefore, we expect the pair to approach the pivotal horizontal support at 108.30, where breaching this level will open the door for more intraday upside movement, which requires steady daily closing below 110.40.
The trading range for the day is among the major support at 107.55 and the major resistance at 111.40.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.05 | 109.30 | 108.90 | 108.20 | 107.55 |
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| Resistance | 110.40 | 111.00 | 111.55 | 112.25 | 112.70 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 110.40 targeting 108.90 and stop loss with hourly closing above 111.00 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair settled among a narrow range since yesterday, the important factor is its ability to remain above the resistance of the breached falling wedge. Stochastic is clearly positive, where a technical bullish pattern may be developing as shown in image. Accordingly, we expect an intraday bullish move today, which requires two conditions; surpassing 0.8785 level, and stability above 0.8630.
Trading range for the day is among the major support at 0.8565 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 | 0.8705 | 0.8630 | 0.8595 | 0.8565 | 0.8500 |
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| Resistance | 0.8785 | 0.8830 | 0.8885 | 0.8940 | 0.9000 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8750 targeting 0.8885. Stop loss with hourly closing below 0.8705 may be appropriate. | ||||
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