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Technical Cross
Written by article default Friday, 02 December 2011 11:39
Morning Report
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Trading remain confined by the previously breached resistance at 121.70 and below the 23.6% Fibonacci correction which is forming a resistance at 122.30, stochastic is attempting to gather some upside momentum gradually within the sideway trading stance. Therefore, we hold onto the bullish scenario for today counting on breaching 121.70 besides the support from the 50 EMA. The awaited targets start at 123.80.
The trading range for the day may be among the 120.00 support and 124.05 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.70 | 121.00 | 120.70 | 120.00 | 119.50 |
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| Resistance | 122.30 | 122.60 | 123.15 | 123.80 | 124.30 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 121.70 targeting 123.80 and stop loss with four-hour closing below 120.70 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair continues to fluctuate among the minor ascending channel shown above, but around the 104.75 retest level, where the 50 EMA is forming a strong resistance that is halting further inclines. Accordingly, we still need more confirmations for the upcoming intraday move by monitoring 103.60 and 104.95 levels.
The trading range for the day may be among the 102.45 support and 106.70 resistance.The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 104.25 | 103.85 | 103.00 | 102.45 | 102.10 |
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| Resistance | 104.75 | 104.95 | 105.35 | 106.10 | 106.70 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Narrow ranges continue to confine trading, however with a slight upside bias supported by positivity on stochastic, therefore, we continue to expect forming the bullish technical pattern we mentioned yesterday and shown above, mentioning that a breach above 0.8665 is required to activate the scenario. The expected bullish move remains valid so long as 0.8525 remain intact.
The trading range for the day may be among the 0.8460 support and 0.8765 resistance.The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
| Support | 0.8525 | 0.8460 | 0.8415 | 0.8385 | 0.8300 |
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| Resistance | 0.8600 | 0.8635 | 0.8665 | 0.8720 | 0.8765 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8635 targeting 0.8770 ,stop loss with four-hour closing below 0.8600 may be appropriate | ||||
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