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Technical Cross
Written by article default Thursday, 17 November 2011 07:33
Great British Pound vs. Japanese Yen (GBP / JPY)
Euro vs. Japanese Yen (EUR / JPY)
Euro vs. Great British Pound (EUR / GBP)
The support of the sideways range at 0.8525 halted the pair's downside attempts, and price rebounded to the upside according to our previous scenario. Therefore, we preserve our expectations for an intraday bullish move targeting a retest of 0.8670 level, where we should monitor price up there as breaching that level may push the pair to resume the overall bullish trend again.
Morning Report
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The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.
The pair is trading with slight positivity since morning affected by positivity on momentum indicators, while we are still waiting for some upside correction testing 122.00 areas before resuming the intraday downside move for today. The 50 EMA continues to pressure trading negatively, while the main target to the downside is located at 119.50 which is the retest resistance level for the main descending channel that was breached previously.
The trading range for the day may be among the 119.50 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 | 119.50 | 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 pair found a good support at 103.40, that managed to withhold further negativity and sent price higher where we think that a test of 104.25 is more likely now. In general, the effect of the bearish technical pattern that was activated by breaching 104.75 remains valid, thus, we continue to expect intraday bearishness. However, we should take into consideration that breaching 104.75 will push us to reconsider this scenario.
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 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 | 0.8670 | 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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