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Technical Cross
Written by article default Thursday, 15 September 2011 08:18
Morning Report
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The pair continues to trade within a narrow range but with a clear downside bias to breach the minor support levels successively, and lately the 121.30. The positive momentum over four-hour basis indicates that we may see some fluctuation for a possible retest of the aforementioned breached level before heading downwards and resuming the intraday downside move for today, targeting 118.00. Breaching and stabilizing above 121.30 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 121.30 targeting 120.00 and stop loss with hourly closing above 122.00 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair found good resistance at 105.50 that halted the upside move. Zooming into the the four-hour chart -minor image- we will notice that the 104.80 minor support may be the key for the resumption of the downside move for today. The bearishness is also supported by negativity on Stochastic in addition to stability below the pivotal support that was breached lately at 106.20; targets reside near 103.50.
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 | 104.80 | 104.25 | 103.50 | 102.85 | 102.05 |
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| Resistance | 105.50 | 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 104.80 targeting 102.85 and stop loss with hourly closing above 105.50 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair managed to settle above 0.8645 with daily closing to increase the possibilities of resuming trading among the main ascending channel shown on image. Stochastic is clearly positive, what we only need now is a breach of the minor resistance at 0.8725 to open the door towards more intraday bullishness targeting 0.8845 and 0.8925. Stability above 0.8680-0.8645 is necessary to assure the expected scenario will not be delayed.
The expected trading range for the day is among the key support at 0.8585 and the key resistance at 0.8925.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8680 | 0.8645 | 0.8585 | 0.8500 | 0.8455 |
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| Resistance | 0.8705 | 0.8740 | 0.8775 | 0.8845 | 0.8885 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8725 targeting 0.8845 and 0.8925. Stop loss below 0.8645 may be appropriate. | ||||
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