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Technical Cross
Written by article default Thursday, 25 August 2011 09:38
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Morning Report
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The pair breached 126.15 and settled below the level as shown in image , and this was our first condition for the bearish scenario we suggested previously. The 50 EMA is forming a good intraday resistance, therefore, we expect an intraday downside move today targeting 125.05 and 124.00, while stability below 127.20 is required for this scenario to remain valid.
The trading range for the day is among the major support at 123.30 and the major resistance at 127.20.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 125.60 | 125.05 | 124.65 | 124.00 | 123.30 |
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| Resistance | 126.15 | 127.00 | 127.20 | 128.05 | 128.50 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach of 125.60 targeting 124.00 and stop loss with hourly closing above 126.15 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair continues to trade with a positive bias since yesterday however it's moving slowly, while a bearish channel may be forming and directing intraday downside move as shown in image. The pair settled at a sensitive level around 111.00 which is a neckline for a potential bullish technical pattern where breaching it may send the pair upward to breach the resistance of the aforementioned downside channel. On the other hand, stochastic is overbought and this may add strength to the neckline. Due to these mixed signals, we will hold onto neutrality and observe the pair around the neckline followed by 111.85. Breaching 110.40 will open the door toward resuming the downside move.
The trading range for the day is among the major support at 108.90 and the major resistance at 112.70.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact.
| Support | 110.40 | 110.15 | 109.60 | 108.90 | 108.20 |
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| Resistance | 111.00 | 111.85 | 112.20 | 112.70 | 113.65 |
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| 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
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The pair rallied to touch the resistance of the minor asending channel we mentioned yesterday, where momentum indicators are overbought over four-hour basis, this signals a possible downside reversal among the channel, Therefore we may witness a test of the support of the channel at 0.8750 before resuming the intraday upside move we are expecting for today. The 50 EMA supports the bullish wave that is targeting 0.8885 and 0.9000. Breaching 0.8750 may delay the awaited targets.
Trading range for the day is among the major support at 0.8680 and the major resistance at 0.9000.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8750 | 0.8680 | 0.8615 | 0.8595 | 0.8565 |
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| Resistance | 0.8820 | 0.8885 | 0.8940 | 0.9000 | 0.9030 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8750 targeting 0.8885 and stop loss with hourly closing below 0.8680 may be appropriate. | ||||
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