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Technical Cross
Written by article default Tuesday, 06 September 2011 07:53
Morning Report
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From levels below 124.65, the pair gathered downside momentum affected by the descending channel and the classic negative factors we mentioned in our weekly report, where the pair is currently attempting to test the the previous bottom and the support at 123.20. We think that the pair will attempt to breach this level to continue to the downside toward 122.20, where a new intraday descending channel has developed (colored in blue) supporting the continuation of the downside move.
The trading range for the week may be among the major support at 120.80 and the major resistance at 127.30.
The short term trend is to the downside targeting 112.00 as long as 150.00 remain intact.
| Support | 123.20 | 123.00 | 122.70 | 122.20 | 121.40 |
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| Resistance | 124.00 | 124.65 | 125.30 | 125.85 | 126.15 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 124.00 targeting 122.20 and stop loss above 125.00 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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While writing the is report, the pair is attempting to confirm the breach of 108.00 level. This is a negative sign despite that momentum indicators are within oversold areas, however the awaited breach will negate any oversold stance; accordingly we expect more bearishness, targeting initially a test of 106.95 level followed by 105.60 if the first is breached. The pair is approaching a critical juncture; therefore, we advise reviewing the "More Analysis" link for more details.
The trading range for the week may be among the major support at 104.40 and the major resistance at 112.00.
The short term trend is to the downside targeting 100.00 as long as 123.30 remain intact
| Support | 107.55 | 106.80 | 106.15 | 105.95 | 105.45 |
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| Resistance | 108.35 | 109.60 | 110.05 | 110.85 | 111.60 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair below 108.35 targeting 106.15 and stop loss above 110.05 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The 50 EMA proved its strength yesterday and prevented the pair from acquiring an upside movement to decline again after touching levels around 0.8790. In fact, Stochastic has crossed over positively within oversold area, and this contradicts with the current bearishness in addition to trading among 0.8885 and 0.8600 pushing us to remain neutral for today awaiting a positive sign that supports Stochastic or a failure of the crossover.
Trading range for the week is among the major support at 0.8490 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 | 0.8730 | 0.8690 | 0.8660 | 0.8635 | 0.8600 |
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| Resistance | 0.8770 | 0.8790 | 0.8820 | 0.8845 | 0.8885 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
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