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Technical Cross
Written by article default Friday, 16 September 2011 09:23
Morning Report
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Yesterday, the pair rallied before reversing quickly again to trade below the minor support we mentioned yesterday at 121.30. The 50 EMA is protecting the current downside wave, therefore, a downside move is in favor today, the move requires that the pair settles again below 121.30 and steady trading below 122.35.
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 | 121.30 | 120.50 | 119.80 | 118.85 | 118.00 |
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| Resistance | 122.00 | 122.65 | 123.30 | 124.00 | 124.65 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 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 continued to trade positively yesterday to surpass the 106.20 pivotal barrier, however it stopped at the 38.2% Fibonacci correction for latest downside wave that started from 111.90 top to 103.86 bottom. Trading is confined among the aforementioned levels, while stochastic is providing negative signs which may support the pairs' downside move among the descending channel shown. Accordingly, we expect an intraday downside move today, however we need a breach of 106.20-105.70 support area first. On the other hand a breach above 106.90 will open the door for a deeper correction to 108.85.
The expected trading range for the day is among the key support at 103.85 and the key resistance at 107.90.
The short term trend is to the downside so far as 123.30 remains intact targeting 94.80.
| Support | 106.20 | 105.70 | 105.05 | 104.80 | 104.25 |
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| Resistance | 106.90 | 107.20 | 107.90 | 108.85 | 109.60 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 105.70 targeting 109.85 and stop loss with hourly closing above 106.90 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair settled around the 50 EMA, where intraday trading is clearly positive, while stochastic is approaching overbought area, and this is may result in a downside reversal to retest the breached pivotal resistance at 0.8725 before resuming the intraday upside move for today. Stability above the aforementioned level is necessary to achieve the awaited targets at 0.8845 and 0.8925 without any delay.
The expected trading range for the day is among the key support at 0.8645 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 | 0.8725 | 0.8680 | 0.8645 | 0.8585 | 0.8500 |
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| Resistance | 0.8775 | 0.8845 | 0.8885 | 0.8725 | 0.9000 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8725 targeting 0.8845 and 0.8925 , stop loss below 0.8645 may be appropriate. | ||||
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