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Technical Cross
Written by article default Tuesday, 11 October 2011 09:20
Morning Report
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The pair reached slightly above 120.00 before reversing again as shown on image, where stochastic is clearly negative, however, the pair is attempting to get rid of the negativity. Accordingly, we may witness a slight decline for a possible test of 119.15-119.10 before heading to resume the intraday upside move for today targeting initially 120.80. Breaching 119.10 may delay the awaited bullishness.
The expected trading range for the day is among the key support at 118.10 and the key resistance at 122.40.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 119.10 | 118.10 | 117.65 | 116.95 | 116.25 |
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| Resistance | 120.40 | 120.80 | 121.30 | 122.10 | 122.40 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 119.10 targeting 120.80 and stop loss below 118.10 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair continued trading positively to reach near 105.00 after successfully surpassing the pivotal resistance at 103.85, however, the negativity on momentum indicators is hindering the pair's upside attempts which may push the pair to retest the breached resistance before resuming the intraday upside move for today. Steady trading above 103.85-103.50 is necessary to achieving the upside target at 105.45.
The expected trading range for the day is among the key support at 103.50 and the key resistance at 106.40.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 103.85 | 103.50 | 102.65 | 102.10 | 101.70 |
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| Resistance | 105.10 | 105.75 | 106.40 | 106.80 | 107.90 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 103.85 targeting 105.75 and stop loss with four-hour closing below103.50 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Trading settles above the support of the main uptrend shown on image, where the pair is attempting to surpass the critical resistance levels among 0.8720-0.8745 which is a resistance cluster area that contains the 50 EMA and 50% Fibonacci correction in addition to the resistance of the descending correctional channel. Currently, the technical outlook for the pair is mixed, where stochastic is clearly overbought and may hinder the awaited breach, therefore, we prefer neutrality for now to monitor trading around the sensitive levels at 0.8745 resistance and 0.8625 support.
The expected trading range for the day is among the key support at 0.8625 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 | 0.8670 | 0.8625 | 0.8590 | 0.8530 | 0.8500 |
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| Resistance | 0.8725 | 0.8745 | 0.8805 | 0.8845 | 0.8885 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside and montior trading for more confirmations. | ||||
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