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Technical Cross
Written by article default Monday, 17 October 2011 11:48
Midday Report
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The pair touched the awaited retest level at 121.80 and attempting to rebound again, therefore, our morning scenario is activated and remains valid so long as the aforementioned level remains intact.
The trading range for the week may be among the 120.30 support and 124.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.80 | 121.30 | 120.80 | 120.35 | 120.00 |
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| Resistance | 121.95 | 122.40 | 123.35 | 124.00 | 124.65 |
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| Recommendation | Our Weekly expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is gradually approaching the retest level we mentioned this morning at 106.65, while momentum indicators are adding to the negative pressure supporting the move towards the level. Accordingly, our weekly expectations remain valid so long as 106.65 remain intact.
The trading range for the week may be among the 104.95 support and 109.30 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.65 | 105.85 | 104.95 | 104.00 | 103.15 |
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| Resistance | 107.60 | 107.90 | 108.85 | 109.30 | 110.05 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 106.65 targeting 109.30. Stop loss with four-hour closing below 105.85 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The pair is trading with a slight upside bias since morning, where stochastic is adding more strength to the resistance level at the 38.2% Fibonacci correction which turned into resistance after it was breached . In general, we are still waiting for a retest of 0.8725 before the acquiring the expected upside move . Mentioning that a breach of 0.8805 will accelerate the bullish rally.
The trading range for the week may be among the 0.8625 support and 0.9035 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 | 0.8900 | 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 0.8900 and stop loss below 0.8615 may be appropriate. | ||||
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