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Technical Cross
Written by article default Thursday, 08 September 2011 09:20
Morning Report
Yesterday, the pair proved the strength of the minor support of 123.30,and now the pair is currently facing this support once again. It is attempting to set a four-hour closing below it. If the pair succeeds in confirming the close, the downside move will extend over intraday basis. The potential downside remains highly anticipated with trading below the main resistance for the minor descending channel at 123.60, while breaching MA 50 at 124.35 will delay the intraday scenario.
The trading range for today is expected among the key support at 120.80 and the key resistance at 127.30.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 123.20 | 123.00 | 122.70 | 122.20 | 121.40 |
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| Resistance | 124.20 | 124.65 | 125.30 | 125.85 | 126.15 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair below 124.00 targeting 122.20 and stop loss with four-hour closing above 124.35 might be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Once again, areas of 108.00 held against the downside move for the pair. Nevertheless, we can see now Stochastic attempting to crossover negatively and the pair is stable below MA 50 at 109.40 and those negative signals support renewed attempts to breach 108.00 levels.
The trading range for today is expected among the key support at 106.15 and the key resistance at 112.00.
The short term trend is to the downside as far as 123.65 remains intact with targets at 100.00.
| Support | 108.35 | 108.00 | 107.55 | 107.00 | 106.15 |
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| Resistance | 109.40 | 109.60 | 110.05 | 110.85 | 111.60 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair with four-hour closing below 108.00 targeting 106.15 and stop loss above 110.05 might be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
We remained neutral for long, yet today we can see the pair stabilizing above MA 50 at 0.8790 in addition to signs of a positive pattern shown above, confirmed with the breach of 0.8885. Therefore, we expect an upside move which will be confirmed with the breach of the latter level. Stochastic is turning positive and RSI is returning above 50 and that supports our positive scenario for today.
The trading range for today is expected among the key support at 0.8600 and the key resistance at 0.9030.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8790 | 0.8730 | 0.8690 | 0.8665 | 0.8635 |
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| Resistance | 0.8845 | 0.8885 | 0.8925 | 0.8950 | 0.8965 |
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| Recommendation | Based on the charts and explanations above our opinion is buying the pair above 0.8790 targeting 0.9030 and stop loss below 0.8700 might be appropriate | ||||
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