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Technical Cross
Written by article default Wednesday, 09 November 2011 07:50
Morning Report
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Trading reversed to the downside after visiting the 38.2% Fibonacci level near 125.65, where price is approaching the 50 EMA and Stochastic enters oversold areas. Therefore, the pair is facing a sensitive levels , around the 124.40 support and 125.65 resistance, thus, we prefer to stay aside and monitor trading.
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 | 124.40 | 123.95 | 123.15 | 122.60 | 122.00 |
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| Resistance | 125.00 | 125.65 | 126.00 | 126.55 | 127.00 |
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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 is trading with a slight downside bias approaching the support of the ascending channel at 107.00 , where we expect a bullish rebound from that support. Therefore, we expect an intraday bullish move targeting initially 109.00 supported by the 50 EMA, the expectations will remain valid so long as the support level remains intact.
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 | 107.00 | 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 107.00 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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Trading remain stuck among the support of the range bound at 0.8525 and the retest level at 0.8660, where the 50 EMA is pressuring the pair negatively and stochastic is oversold, therefore,we need a breach above or below the aforementioned levels to confirm the potential upcoming move.
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 | 0.8660 | 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..8660 targeting 0.8805 and stop loss with hourly closing below 0.8595 OR selling the pair with hourly closing below 0.8525 targeting 0.8385 and stop loss with hourly closing above 0.8595 may be appropriate for today. | ||||
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