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Technical Cross
Written by article default Friday, 28 October 2011 11:45
Midday Report
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The pair is trading within a narrow range since morning, and this keeps our morning expectations valid. The 50 EMA supports the suggested scenario. A breach above 122.60 is mandatory to activate the scenario.
The trading range for the day may be among the 120.35 support and 124.00 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 122.00 | 121.30 | 121.00 | 120.35 | 119.75 |
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| Resistance | 122.60 | 123.35 | 124.00 | 124.65 | 125.30 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with a breach above 122.60 targeting 125.30 and stop loss below 121.30 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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Narrow ranges dominate trading since morning as well, however with a slight downside bias affected by negativity on momentum indicators. Accordingly, our morning scenario remains valid for the rest of the day.
The trading range for the day may be among the 106.50 support and 109.70 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.95 | 106.50 | 105.70 | 104.95 | 104.25 |
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| Resistance | 107.60 | 107.90 | 108.95 | 109.30 | 109.70 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 106.50 targeting 107.90 and stop loss below 105.85 may be appropriate for today. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The pair is slightly biased to the downside since morning to breach 0.8805 which turned into support after it was breached yesterday, while stochastic is providing positive signs over the daily time-frame. Accordingly, our morning scenario is activated mentioning that steady trading above 0.8720 is necessary to achieve the awaited move.
The trading range for the day may be among the 0.8720 support and 0.9000 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
| Support | 0.8805 | 0.8725 | 0.8685 | 0.8635 | 0.8590 |
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| Resistance | 0.8845 | 0.8910 | 0.9000 | 0.9035 | 0.9080 |
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| Recommendation | Our morning scenario remains valid. | ||||