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Technical Cross
Written by article default Friday, 02 September 2011 10:33
Morning Report
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Narrow trading dominates the pairs' movement since yesterday, while the 50 EMA continues to pressure the pair negatively over intraday basis. Therefore , we hold onto our bearish intraday expectations for today, however it requires a breach of 124.00 level to head toward 122.55 as a first target. Stability below 126.15 is necessary for the bearish scenario .
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 | 124.00 | 123.30 | 123.00 | 122.55 | 122.00 |
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| Resistance | 124.65 | 125.30 | 126.15 | 126.40 | 127.35 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 125.30 targeting 123.30 and stop loss above 126.15 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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On the chart above, we can see that the pair breached pivotal support levels within the short term descending channel. In addition to the negative pressure coming from the 50 EMA over intraday basis. Accordingly, we expect a downside move today targeting mainly 107.55. Positivity on stochastic may form an obstacle against the downside move and may lead to some fluctuations before heading toward the awaited targets.
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 | 109.60 | 108.90 | 108.20 | 107.55 | 107.10 |
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| Resistance | 110.05 | 110.85 | 111.60 | 112.00 | 112.70 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 110.05 targeting 108.00 and stop loss with four-hour closing above 110.85 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair settled around the 50 EMA yesterday, where it maintained daily closing above 0.8800, therefore, we will hold onto our bullish intraday expectations which based on the bullish technical pattern shown in image where the neckline for the pattern is located at 0.8885. Stochastic supports our expectations which requires stability above 0.8795-0.8800.
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 | 0.8650 | 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 breach above 0.8885 targeting 0.9150 and stop loss below 0.8795 may be appropriate. | ||||
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