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Technical Cross
Written by article default Monday, 14 November 2011 07:48
Weekly Report (14-18 November 2011)
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The pair acquired some positivity by the start of the week to retest the support of the previously breached ascending channel and reversed again below the 50 EMA and 123.90 level, in addition to that, stochastic is providing negative signs over four-hour basis. Therefore, we anticipate a downside move this week targeting a test of 122.60 followed by 119.85. Steady trading below 124.30 is required for our expectations to remain valid.
The trading range for the week may be among the 119.85 support and 125.70 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 123.15 | 122.60 | 122.00 | 121.30 | 121.00 |
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| Resistance | 123.90 | 1247.30 | 124.95 | 125.65 | 126.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 123.90 targeting 121.30 and stop loss with four-hour closing above 124.60 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (14-18 November 2011)
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The pair retested the pivotal breached support at 106.50 and reversed to the downside attempting to settle below the 23.6% Fibonacci level which turned into support as well. Accordingly, we expect a downside move this week , supported by negativity on stochastic , and targeting 104.00 and 102.10, taking into consideration that breaching 106.50 to the upside may delay acquiring the awaited targets.
The trading range for the week may be among the 102.10 support and 108.20 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.05 | 105.35 | 104.95 | 104.00 | 103.15 |
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| Resistance | 106.50 | 107.30 | 108.25 | 108.80 | 109.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 106.05 targeting 104.75 and stop loss with four-hour closing above 107.30 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (14-18 November 2011)
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The pair maintains stability within the shaded range bound as shown above, while stochastic is up-trending over the daily time-frame, and that may push the pair to the upside to test 0.8665- the 50 EMA alongside the support of the previously breached ascending channel- and may extend to reach the resistance of the aforementioned range around 0.8805. The awaited incline requires on stability above 0.8525.
The trading range for the week may be among the 0.8390 support and 0.8805 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 | 0.8665 | 0.8720 | 0.8805 | 0.8845 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8665 and 0.8780, stop loss below 0.8460 may be appropriate. | ||||
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