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Technical Cross
Written by article default Friday, 21 October 2011 08:15
Morning Report
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Trading settles above the 121.00 barrier, while Stochastic lost the upside momentum over four-hour basis. Therefore, we think that we may see a downside reversal counting mainly on the latest test of the resistance of descending channel which is controlling current trading. Main targets start at 120.45, a breach below will open the door towards 119.10. Stability below 122.00 is required for our expectations to remain valid.
The trading range for the day may be among the 118.10 support and 122.00 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 120.85 | 120.45 | 120.00 | 119.75 | 119.10 |
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| Resistance | 121.30 | 122.00 | 122.60 | 123.35 | 124.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 120.45 targeting 119.10 and stop loss with hourly closing above 121.50 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair maintains stability below the resistance of the descending channel as shown on the image, while Stochastic is approaching overbought areas. Accordingly, the bearish intraday scenario is still valid so long as 106.15 remains intact. The awaited next step is a breach of 104.95 and 104.25 pivotal support levels.
The trading range for the day may be among the 102.60 support and 107.00 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 105.60 | 104.95 | 104.25 | 104.00 | 103.15 |
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| Resistance | 106.15 | 107.00 | 107.60 | 107.90 | 108.85 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 104.95 targeting 103.15 and stop loss with hourly closing above 105.60 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair continues to fluctuate among the 50% and 38.2% Fibonacci correction levels, at the moment, it is trading near the 50% level at 0.8720. Stochastic is oversold,and this supports our expectations for an intraday bullish move targeting mainly 0.8885. Taking into consideration that breaching 0.8720 will lead to a deeper correction towards 0.8625.
The trading range for the day 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 | 0.8720 | 0.8685 | 0.8625 | 0.8590 | 0.8530 |
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| Resistance | 0.8805 | 0.8845 | 0.8910 | 0.9000 | 0.9035 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8720 targeting 0.8885 and stop loss with four-hour closing below 0.8685 may be appropriate. | ||||
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