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Technical Cross
Written by article default Tuesday, 08 November 2011 07:48
Morning Report
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The pair is trading within an ascending correctional channel, after touching the resistance of the channel, a downside move toward the channel's support was anticipated. On the other hand, stochastic is providing positive signs pushing the pair to the upside in addition to the support provided by the 50 EMA. Therefore, we need to remain neutral for now and monitor trading around the sensitive levels among the 124.25 support and 125.65 resistance for further confirmation.
The trading range for the day may be among the 123.00 support and 127.00 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 124.80 | 124.25 | 123.95 | 123.15 | 122.60 |
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| Resistance | 125.65 | 126.00 | 126.55 | 127.00 | 127.35 |
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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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The pair continues to trade within the ascending channel over four-hour basis, while the 50 EMA is supporting price form the downside. Accordingly, we maintain our expectations for an upside move today targeting initially 109.20 and requires stability above 106.75.
The trading range for the day may be among the 105.50 support and 109.60 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.75 | 106.20 | 105.50 | 104.95 | 104.25 |
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| Resistance | 107.45 | 108.25 | 108.80 | 109.00 | 109.60 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 106.75 targeting 108.25 and stop loss with hourly closing below 106.20 may be appropriate for today. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair settles below the support of the main ascending channel shown in image and above the 76.4% Fibonacci correction, where the range bound- shaded in yellow- continues to confine trading, where positivity on stochastic is supporting the aforementioned range. We need to monitor trading among the key levels at 0.8525 support and 0.8655 resistance.
The trading range for the day may be among the 0.8455 support and 0.8720 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
| Support | 0.8525 | 0.8500 | 0.8460 | 0.8415 | 0.8385 |
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| Resistance | 0.8595 | 0.8655 | 0.8685 | 0.8720 | 0.8805 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8655 targeting 0.8805 ,stop loss with hourly closing below 0.8595 OR selling the pair with hourly closing below 0.8525 targeting 0.8385 ,stop loss with hourly closing above 0.8595 | ||||
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