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Technical Cross
Written by article default Wednesday, 16 November 2011 07:51
Morning Report
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The pair reached the middway toward the main target we mentioned yesterday where it's trading now around 121.35, while momentum indicators are providing positive signs that may push price to acquire some upside correction before resuming the expected intraday downside move for today towards 120.35 and 119.70. The 50 EMA is supporting the current bearish wave and the previously breached technical pattern.
The trading range for the day may be among the 119.85 support and 122.60 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.30 | 121.00 | 120.35 | 119.70 | 119.10 |
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| Resistance | 122.00 | 122.60 | 123.15 | 123.90 | 124.30 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 122.00 targeting 120.35 and stop loss with four-hour closing above 122.60 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The downside pressure upon the pair continued yesterday affected by the bearish technical pattern which was completed by breaching 104.75, where targets for the pattern start at 100.75 followed by 98.00. Positivity on momentum indicators may lead to some fluctuations and upside correctional bias before resuming the expected downside move over intraday basis, where steady trading below 104.75 is required for our expectations to remain valid.
The trading range for the day may be among the 100.75 support and 104.75 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 103.15 | 102.65 | 102.10 | 101.70 | 101.00 |
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| Resistance | 104.00 | 104.25 | 104.75 | 105.35 | 106.10 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 104.25 targeting 102.10 and stop loss with four-hour closing above 104.75 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair is fluctuating around the support of the range bound shaded in yellow at 0.8525, steady daily closing above the level supports the possibilities of an intraday upside move. As a result, we anticipate an upside rebound toward 0.8630 and 0.8675, where we should monitor trading carefully up there, breaching that level will push toward more bullishness toward 0.8770, while breaching 0.8525 will lead to a direct decline toward the support of the descending channel at 0.8375
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 | 0.8630 | 0.8675 | 0.8720 | 0.8805 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8665 and stop loss below 0.8460 may be appropriate | ||||
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