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Technical Cross
Written by article default Thursday, 01 September 2011 09:26
Morning Report
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The pair is trading within the same range since yesterday, attempting to settle on the 50 EMA again. Trading continues within the main descending channel in addition to the negative pressure coming from the 50 EMA, accordingly we continue to hold onto our intraday bearish expectations targeting 123.30 followed by 122.55. Stability below 126.40 is necessary to our expectations to remain possible.
The trading range for the week may be among the major support at 120.00 and the major resistance at 126.40.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 124.65 | 124.00 | 123.30 | 123.00 | 122.55 |
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| Resistance | 125.05 | 125.50 | 126.15 | 126.40 | 127.35 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 125.50 targeting 123.30 and stop loss above 126.40 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair continues to trade within the main descending channel shown on image, protected by the 50 EMA as well. Stochastic is down trending, therefore, we expect the downside move to continue over intraday basis, awaiting achieving the targets at 108.90. Steady daily closing below 111.10 is required.
The trading range for the week may be among the major support at 120.00 and the major resistance at 126.50.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 110.15 | 109.60 | 108.90 | 108.20 | 107.55 |
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| Resistance | 110.40 | 111.10 | 112.00 | 112.70 | 113.65 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 111.10 targeting 108.90 and stop loss with four hour closing above 112.00 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Trading is stuck among the 50 EMA and the pivotal resistance at 0.8885. Positive momentum is clear on stochastic which may support the awaited breach of the aforementioned resistance. Therefore,we think that intraday bullishness is more likely today, however it requires two conditions, a clear breach of 0.8885 and stability above 0.8795.
Trading range for the day is among the major support at 0.8705 and the major resistance at 0.9150.
The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.
| Support | 0.8795 | 0.8740 | 0.8705 | 0.865 | 0.8615 |
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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 a four-hour closing above 0.8885 targeting 0.9150 and stop loss with four hour closing below 0.8795 might be appropriate | ||||
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