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Technical Cross
Written by article default Wednesday, 14 September 2011 08:02
Morning Report
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Trading settled below 122.00 mark, while the downside side bias continues over intraday basis as shown on image. The 50 EMA continues to pressure the pair negatively, therefore we expect more intraday bearishness for today targeting initially 120.00 and 118.85. Trading above 122.00 may delay achieving the awaited targets.
The expected trading range for the day is among the key support at 118.00 and the key resistance at 123.30.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 120.50 | 119.80 | 118.85 | 118.00 | 117.50 |
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| Resistance | 121.25 | 122.00 | 122.65 | 123.30 | 124.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 122.00 targeting 120.00 and stop loss above 123.30 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is fluctuating within a narrow range since yesterday to settle below 105.00, if we zoom into the hourly chart -the minor image- we will notice that trading is confined within a symmetrical triangle continuation pattern, which is a negative sign and supports the continuation of the downside movement over intraday basis. Stochastic supports the bearishness as well, while stability below 106.20 is required for our expectations to remain valid.
The expected trading range for the day is among the key support at 101.35 and the key resistance at 106.20.
The short term trend is to the downside so far as 123.30 remains intact targeting 94.80.
| Support | 104.75 | 104.25 | 103.50 | 102.85 | 102.05 |
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| Resistance | 105.45 | 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 with hourly closing below 104.75 targeting 102.85 and stop loss with hourly closing above 105.45 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair inclined yesterday, supported by the positivity on Stochastic, and acquired a daily closing above the sensitive level we mentioned previously at 0.8645. Accordingly, we expect an intraday upside move for today, the move requires that the pair settles above 0.8645, and steady daily closing above 0.8585 as well.
The expected trading range for the day is among the key support at 0.8400 and the key resistance at 0.8885.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8585 | 0.8500 | 0.8455 | 0.8400 | 0.8300 |
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| Resistance | 0.8645 | 0.8705 | 0.8740 | 0.8775 | 0.8885 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8645 targeting 0.8770 and stop loss with hourly closing below 0.8585 OR selling the pair with hourly closing below 0.8580 targeting 0.8455 and stop loss with hourly closing above 0.8645. | ||||
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