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Technical Cross
Written by article default Wednesday, 21 September 2011 08:19
Morning Report
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The pair maintains stability below the previously breached 120.65 level, zooming into the hourly time frame; a bearish formation has developed supporting the continuation of trading among the descending channel shown on image. Accordingly, we expect an intraday downside move targeting initially 118.00 and 117.50, stability below 120.65 is required to achieve the awaited targets.
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 | 120.35 | 120.65 | 121.30 | 122.10 | 122.62 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 120.35 targeting 118.85 and stop loss with hourly closing above 121.10 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 settling below 105.00, where stochastic is overbought over four-hour basis. Therefore, we hold onto our bearish bias for today which requires a clear breach of 103.85 level, and stability below 105.75.
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 upside so far as 123.30 remains intact targeting 94.80.
| Support | 104.00 | 103.50 | 102.85 | 102.35 | 101.35 |
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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)
Morning Report
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Trading remain confined among the correction levels we mentioned yesterday and shown on image above, while stochastic continues to hinder the pair's attempts to continue the overall upside move. In general, we hold onto our bullish intraday expectations supported by stability among the ascending channel which is controlling the short term direction for the pair, but the pair should get rid off the negativity that is hindering bullishness, starting from the 50 EMA resistance level and negativity on stochastic. The upside bias remain valid so long as 0.8595 is 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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