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Technical Cross
Written by article default Thursday, 03 November 2011 08:09
Morning Report
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The pair continues to trade negatively to fluctuate around 124.00 after breaching successfully the pivotal support at 124.55. This breach supports our expectations for an intraday downside move for today, awaiting acquiring the main target at 122.60 where we should monitor the price action there. Stability below 125.10 is required for our expectations to remain valid.
The trading range for the day may be among the 122.00 support and 125.65 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 123.95 | 123.15 | 122.60 | 122.00 | 121.30 |
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| Resistance | 124.55 | 125.00 | 125.65 | 126.00 | 126.55 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 124.55 targeting 122.60 and stop loss above 125.70 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair managed to breach 107.00 barrier and settled below the level approaching gradually the support of the minor ascending channel at 106.15. In general, we think that there is a good possibility for testing the aforementioned support and breaching it to activate the effect of the continuation flag pattern we mentioned in our previous reports. Accordingly,we expect an intraday downside move for today but requires first a breach of the aforementioned support and steady trading below 107.65.
The trading range for the day may be among the 104.95 support and 108.40 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.50 | 106.15 | 105.50 | 104.95 | 104.25 |
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| Resistance | 106.95 | 107.65 | 108.40 | 109.00 | 109.70 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach below 106.15 targeting 104.95 and stop loss above 106.95 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair is gradually approaching the sensitive retest level at 0.8645, supported by positivity on stochastic over the daily time frame. Now, we need more confirmations for the next possible move, where it's essential to monitor trading around the sensitive levels among 0.8525 support and 0.8645 resistance. Therefore, we prefer staying aside this morning.
The trading range for the day may be among the 0.8525 support and 0.8720 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
| Support | 0.8590 | 0.8525 | 0.8500 | 0.8460 | 0.8415 |
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| Resistance | 0.8645 | 0.8685 | 0.8720 | 0.8805 | 0.8845 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
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