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Technical Cross
Written by article default Wednesday, 07 September 2011 10:03
Morning Report
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The 50 EMA managed to halt the upside move, to reverse to the downside again, although we witnessed a test of levels just above 125.00, but the pair dipped quickly below the level without acquiring any four-hour closing above; this is a negative sign, where stability below 123.20 minor support may extend the downside movement.
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 | 122.70 | 122.20 | 121.40 | 120.80 |
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| Resistance | 124.00 | 124.65 | 125.00 | 125.85 | 126.15 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair below 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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The pair resumed the bearishness again, and we mentioned in our previous report that trading back below 109.15 shall resume the bearishness. Now, the pair is attempting to test 108.00 level again, where we need a four-hour closing below the level to confirm continuation of the negativity. In general, we will hold onto our bearish expectations so long as 110.05 remains intact.
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 | 108.00 | 107.55 | 106.80 | 106.15 | 105.95 |
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| Resistance | 109.15 | 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 with four-hour closing below 108.00 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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Once again, we can see how the pair failed to stabilize above the 50 EMA around 0.8790, also at the chart above we can clearly see that the pair is moving within a sideways range among 0.8885 and 0.8650 and 0.8600. Accordingly, it's better to stay aside today as well, as the trading range for the pair is getting narrower among the 50 EMA and the support levels in addition to positivity on momentum indicators but faliure to stabilize above the 50 EMA. All the contradictions push us to stay aside.
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 | 0.8700 | 0.8690 | 0.8650 | 0.8600 |
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| Resistance | 0.8790 | 0.8820 | 0.8845 | 0.8885 | 0.8925 |
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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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