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Technical Cross
Written by article default Friday, 09 September 2011 09:41
Morning Report
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Once more, the pair failed to breach the 12.30 level with a clear four-hour closing, and falied to stabilize above the 50 EMA as well at 124.20. We need a four-hour closing below 123.20 to assure that the downside bias will continue without an upside correction over intraday basis.
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 | 124.00 | 124.35 | 124.65 | 125.30 | 125.85 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair below 124.00 targeting 122.20 and stop loss with four-hour closing above 124.35 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Finally, the pair closed below the minor support at 108.00 , where by breaching the level more downside movement became more possible. A touch of 106.95 may be possible as well or maybe 105.60(the levels are illustrated on the above chart). These expectations depend mainly on trading below 109.05,in fact we prefer stability below 108.35.
The trading range for today is expected among the key support at 104.40 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 | 107.55 | 106.80 | 106.15 | 105.95 | 105.60 |
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| Resistance | 108.00 | 108.35 | 109.05 | 109.40 | 109.60 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair below 108.00 targeting 106.15 and stop loss with four-hour closing above 109.05 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Once more, the pair invalidates our expectations for an upside move, and goes back to trade within the same sideways range, among 0.8885 and 0.8600. In fact, the pair didn't close over four-hour basis below 0.8700, where trading now settles below the 50 EMA at 0.8785 and above 0.8600 support level, and that push us to stay aside again. Negativity on momentum indicators should be confirmed by a breach of the aforementioned support levels. On the other hand, bullishness will be confirmed if 0.8885 is breached.
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 | 0.8700 | 0.8690 | 0.8665 | 0.8635 | 0.8600 |
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| Resistance | 0.8750 | 0.8785 | 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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