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Technical Cross
Written by article default Monday, 19 September 2011 09:41
Weekly Report(19-23 September 2011)
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The pair continues to trade negatively among the main descending channel as shown on image. Stability below the breached support at 121.30 supports maintaining the downside bias. Therefore,we expect more bearishness this week, supported by the 50 EMA, and targeting 118.00. The move requires stability below 122.10.
The expected trading range for the week is among the key support at 117.50 and the key resistance at 122.10.
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 | 121.30 | 122.10 | 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 119.80 and stop loss with four-hour closing above 122.10 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report(19-23 September 2011)
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The 38.2% Fibonacci correction level halted the upside move for the pair, where it reversed to resume the downside journey within the short term descending channel. Stochastic is overbought and may lead to some fluctuations and a retest of 105.70-106.20 area before heading to the downside this week, targeting 102.05. Steady daily closing below 106.90 is necessary for our expectations to remain valid.
The expected trading range for the week is among the key support at 102.05 and the key resistance at 107.20.
The short term trend is to the downside so far as 123.30 remains intact targeting 94.80.
| Support | 105.05 | 104.80 | 104.25 | 103.50 | 102.85 |
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| Resistance | 105.70 | 106.20 | 106.90 | 107.20 | 107.90 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 105.70 targeting 103.50 and stop loss with four-hour closing above 106.90 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report(19-23 September 2011)
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The pair is trading negatively since Friday, the negativity may be a correctional wave for the latest upside move which started after settling above the ascending support of the main ascending channel shown above. Negativity on Stochastic over daily basis may maintain the negative pressure on the pair, therefore, we need to monitor the pair around the sensitive level among 0.8765 and 0.8645 for more confirmations.
The expected trading range for the week is among the key support at 0.8530 and the key resistance at 0.9000.
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 | 0.8730 | 0.8765 | 0.8845 | 0.8885 | 0.8925 |
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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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