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Technical Cross
Written by article default Tuesday, 20 September 2011 09:42
Midday Report
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The pair continues to trade negatively to breach 120.65 support. The 50 EMA pressures intraday trading, while the whole downside wave continues to trade among the descending main channel shown on the chart. Thereby, we expect more downside pressure over intraday basis targeting 117.50. While a breach above 120.65 may delay the awaited move.
The expected trading range for the day is among the key support at 117.50 and the key resistance at 121.30.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 119.80 | 118.85 | 118.00 | 117.50 | 116.90 |
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| Resistance | 120.65 | 121.30 | 122.10 | 122.65 | 123.30 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 120.65 targeting 118.85 and stop loss with hourly closing above 121.10 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is trading near the recent bottom at 104.00, while trading is confined within the short term descending channel as show on the chart. The pair's failure to breach the 38.2% Fibonacci level is considered a good sign that negativity may continue, supported by the 50 EMA. Accordingly, we anticipate achieving downside targets near 102.35 followed by 101.35, taking into consideration that stability below 105.75 is necessary to acquire the awaited targets.
The expected trading range for the day is among the key support at 101.35 and the key resistance at 105.75.
The short term trend is to the downside so far as 123.30 remains intact targeting 94.80.
| Support | 103.50 | 102.85 | 102.35 | 101.35 | 100.90 |
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| Resistance | 104.95 | 105.75 | 106.20 | 106.95 | 107.20 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 104.95 targeting 102.85 and stop loss above 105.75 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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Trading is confined among the 23.6% and 50% Fibonacci levels shown on the chart, while Stochastic continues to provide negative signs that is hindering the continuation of the main upside move among the ascending channel. More fluctuation is expected during the upcoming period, and we may witness a retest of 0.8645-0.8595 before resuming the expected upside move for today. Targets start at 0.8790 and requires 0.8595 to remain intact.
The expected trading range for the day is among the key support at 0.8595 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 | 0.8680 | 0.8645 | 0.8595 | 0.8500 | 0.8455 |
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| Resistance | 0.8730 | 0.8760 | 0.8845 | 0.8885 | 0.8925 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8645 targeting 0.8790 and stop loss with four-hour closing below 0.8595 may be appropriate. | ||||
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