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Technical Cross
Written by article default Tuesday, 15 November 2011 10:26
Morning Report
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The pair settles below 122.60 level which is a neckline for a bullish technical pattern that was breached previously as shown on the image, and this is a sign that the pattern is no longer valid. As a result, we expect more downside pressure today supported by the 50 EMA, however we may see some fluctuations due to the positivity on Stochastic before heading lower towards 121.30 and 120.35 targets.
The trading range for the day may be among the 119.85 support and 123.90 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 | 123.15 | 123.90 | 124.30 | 124.95 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 122.60 targeting 120.35 and stop loss above 123.90 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Trading settled near the critical support we mentioned yesterday at 104.75, while positivity on Stochastic is halting the pair's attempt to breach the level. In general, we count on the bearish pattern that was completed earlier by breaching 106.50 and the 50 EMA to expect more negative pressure today for a possible breach below the support at 104.75 activating a longer term bearish pattern that has targets at 100.75 and 98.00.
The trading range for the day may be among the 102.10 support and 106.50 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 104.75 | 104.00 | 103.15 | 102.65 | 102.10 |
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| Resistance | 105.35 | 106.05 | 106.50 | 107.30 | 108.25 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach below 104.75 targeting 102.10 and stop loss with four-hour closing above 106.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Narrow trading continues to dominate the price action for the royal pair since yesterday, maintaining stability above the support of the yellow shaded range at 0.8525. Stochastic is up-trending, supporting a bullish bias for today targeting a retest of the breached support near 0.8670 now, taking into consideration that breaching 0.8525 will turn the intraday outlook into bearish.
The trading range for the day may be among the 0.8415 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 | 0.8665 | 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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