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Technical Cross
Written by article default Thursday, 13 October 2011 10:03
Morning Report
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The pair successfully tested the main awaited target at the resistance of the descending channel, which is preventing further incline. At the moment, we need a confirmation for the next intraday direction, where the targets of the bullish technical pattern that was completed by a breach of 120.80 reside above the aforementioned resistance level, on the other hand channel trading principles suggests that the pair may reverse to the downside to resume the overall downside trend. Accordingly, we recommend staying aside and monitor trading around 120.80 support and 122.02 resistance.
The trading range for today may be among the 119.10 support and 123.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 120.80 | 120.40 | 120.00 | 119.10 | 118.10 |
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| Resistance | 122.05 | 122.40 | 123.35 | 124.00 | 124.65 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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A similar scenario for the euro/yen pair, where it managed to test the resistance of the descending channel as shown on the image, while Stochastic is negative over the four-hour time frame. We think that these factors will push the pair to reverse to the downside to retest the breached pivotal level at 104.95 as a main target, where we will monitor trading around that level, as breaching it is a strong signal that the pair may resume the overall downside trend, taking into consideration that breaching 106.90 will open the door for more intraday bullishness.
The trading range for today may be among the 113.95 support and 108.85 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.10 | 105.45 | 104.95 | 103.95 | 103.20 |
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| Resistance | 106.90 | 107.60 | 107.90 | 108.85 | 109.60 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 106.90 targeting 104.95 and stop loss with four-hour closing above 107.80 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair fluctuated within a narrow range yesterday to settle above the resistance of the descending correctional channel which was breached lately. We still think that intraday bullishness may persist, especially after the 76.4% Fibonacci correction level proved strength and halted the latest downside attempt. Accordingly, the awaited targets start at 0.8885-0.8910, taking into consideration that daily closing should remain above 0.8725 for our expectations to remain valid.
The trading range for today may be among the 0.8625 support and 0.8910 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
| Support | 0.8725 | 0.8670 | 0.8615 | 0.8590 | 0.8530 |
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| Resistance | 0.8805 | 0.8845 | 0.8885 | 0.8925 | 0.9000 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8725 targeting 0.8885 and stop loss below 0.8615 may be appropriate. | ||||
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