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Technical Cross
Written by article default Friday, 26 August 2011 08:08
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Morning Report
The pair is trading within a narrow range since yesterday , however with a slight downside bias to trade below the 50 EMA. The negative effect from the breached rising wedge formation-colored in red- is biasing the intraday movement, therefore we hold onto our expectations for an intraday downside move for today and requires two conditions, breaching 125.60 and stability below 127.10.
The trading range for the day is among the major support at 123.30 and the major resistance at 127.10.
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 | 127.10 | 128.05 | 128.50 | 129.00 |
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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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Narrow trading dominates the pairs' movement as well since yesterday although it managed to breach the pivotal level at 111.00, where trading is settled below the resistance of the minor ascending channel shown in image. In additions to that, momentum indicators are clearly overbought, therefore, we expect an intraday downside move for today and requires two conditions, trading back below 111.00 and 111.70 to remain intact.
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 | 111.00 | 110.40 | 110.15 | 109.60 | 108.90 |
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| Resistance | 111.70 | 112.20 | 112.70 | 113.65 | 114.10 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 111.70 targeting 109.60 and stop loss above 112.70 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair continues to trade with a bullish bias since yesterday gradually approaching the sensitive resistance for intraday trading at 0.8885. Positive effect from the 50 EMA and breaching the falling wedge formation are factors that supports our positive expectations over intraday basis, where breaching 0.8885 will open the door toward 0.9000 as a first main target. Breaching 0.8765 may delay achieving 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 | 0.8795 | 0.8765 | 0.8680 | 0.8615 | 0.8595 |
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| Resistance | 0.8885 | 0.8940 | 0.9000 | 0.9030 | 0.9080 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8885 targeting 0.9000 and stop loss with hourly closing below 0.8795 may be appropriate. | ||||
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