Members login
Technical Cross
Written by article default Wednesday, 24 August 2011 07:53
Morning Report
 |
The pair is still trading among the 38.2% and 50% Fibonacci levels since yesterday as shown in image. While stochastic continues to provide negative signs over daily basis. Therefore, we hold onto our expectations for downside bias today targeting 125.05 and 124.00, however it requires two conditions, a clear breach and stability below 126.15 and trading to remain below 127.40.
The trading range for the day is among the major support at 123.30 and the major resistance at 127.40.
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 |
|
|
|||||
| Resistance | 127.00 | 127.40 | 128.05 | 128.50 | 129.00 |
|
|
|||||
| 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
 |
The pair ended the day above the resistance level we mentioned previously at 110.40, and this may delay the awaited bearish scenario. At the same time, the 50 EMA continues to pressure the pair to the downside over intraday and short term basis, where stochastic is currently within overbought area and this supports the downside bias to resume, however we need more confirmation. Therefore, we recommend staying aside and observing trading during the upcoming period for more confirmations. Trading back below 110.15 will be a good bearish sign.
The trading range for the day is among the major support at 107.55 and the major resistance at 111.55.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.15 | 109.30 | 108.90 | 108.20 | 107.55 |
|
|
|||||
| Resistance | 111.00 | 111.55 | 112.20 | 112.70 | 113.65 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
 |
The pair ended yesterday above 0.8750, and this is a positive sign that supports continuation of intraday bullishness. Stochastic is trending to the upside as well supporting the pairs' movement within the ascending minor channel shown on the secondary image above. Therefore, we think that there is a good possibility for the pair to head toward the awaited targets at 0.8885 and 0.9000. Breaching 0.8700 may delay the awaited scenario.
Trading range for the day is among the major support at 0.8615 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 | 0.8715 | 0.8680 | 0.8615 | 0.8595 | 0.8565 |
|
|
|||||
| Resistance | 0.8735 | 0.8760 | 0.8830 | 0.8885 | 0.8940 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8715 targeting 0.8885 and stop loss with hourly closing below 0.8680 may be appropriate. | ||||
|
||||||||||||