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Technical Cross
Written by article default Monday, 12 September 2011 09:45
Weekly Report (12-16 September 2011)
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Trading continues within the main descending channel shown on the image above, where the pair breached lately the pivotal support at 123.30, which is a negative factor that supports the continuation of the downside move for this week. The next target resides at 120.00 and requires stability below 124.00 over daily basis.
The trading range for the week is expected among the key support at 118.85 and the key resistance at 125.15.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 122.20 | 121.25 | 120.50 | 119.80 | 118.85 |
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| Resistance | 123.30 | 124.0 | 124.65 | 125.30 | 126.15 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair below 123.30 targeting 121.25 and stop loss with daily closing above 124.00 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (12-16 September 2011)
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Last week closing below the horizontal pivotal support at 106.20 added more confirmation to the continuation of the downside bias. The pair continues to trade within the descending channel shown on the image. The 50 EMA also support the downside move. Therefore, we continue to expect bearishness this week targeting mainly the support of the channel at 102.90, taking into consideration that steady daily closing below 106.20 is required.
The trading range for the week is expected among the key support at 99.80 and the key resistance at 107.20.
The short term trend is to the downside as far as 123.30remains intact with targets at 94.80.
| Support | 104.25 | 103.50 | 102.85 | 102.05 | 101.35 |
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| Resistance | 105.60 | 106.20 | 107.20 | 108.05 | 108.95 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 106.20 targeting 102.90 and stop loss with daily closing above 107.20 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (12-16 September 2011)
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The pair dropped sharply on Friday to breach the support of the ascending channel which was carrying the price action over the short term as shown in image. This breach may be a turning point for trading over the short term. However we need to stay aside to monitor today's closing around this support at 0.8580 to have a clearer confirmation for the next direction.
The trading range for the week is expected among the key support at 0.8300 and the key resistance at 0.8770.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8565 | 0.8500 | 0.8455 | 0.8400 | 0.8300 |
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| Resistance | 0.8580 | 0.8615 | 0.8650 | 0.8705 | 8740 |
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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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