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Technical Cross
Written by article default Friday, 09 December 2011 07:29
Morning Report
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Trading remain confined within the pivotal levels we mentioned yesterday among the 121.00 support and 122.25 resistance, while the 50 EMA is pressuring intraday trading negatively, opposed by positivity on stochastic over the daily time-frame, thus, we will monitor trading round these levels, where breaching 121.00 will push the pair towards 119.30, on the other hand breaching 122.25 will open the door towards further bullish correction and 125.65.
The trading range for the day may be among the 119.30 support and 123.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.00 | 120.70 | 120.00 | 119.30 | 119.00 |
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| Resistance | 121.50 | 122.25 | 122.60 | 123.15 | 123.80 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with a breach above 122.25 targeting 124.00 and stop loss below 121.00 OR selling the pair with a breach below 121.00 targeting 119.30 and stop loss above 122.25 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair retested the breached pivotal support yesterday at 103.75 to reverse again as expected, thus, we continue expecting an intraday downside move targeting initially 102.45 and 101.00 while breaching 103.75 shall delay acquiring the awaited targets.
The trading range for the day may be among the 101.00 support and 104.75 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 103.00 | 102.45 | 102.10 | 101.70 | 101.00 |
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| Resistance | 103.75 | 104.25 | 104.75 | 105.15 | 106.10 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 103.75 targeting 102.10 , 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 support of the range bound continues to hold well preventing further decline, where daily closing remain steady above the level at 0.8525. Therefore, we continue to expect bullishness over intraday basis targeting initially a test of 0.8635 and 0.8685 resistance levels. Breaching and steady trading below 0.8525 will invalidate the suggested scenario.
The trading range for the day may be among the 0.8460 support and 0.8680 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 0.8525 | 0.8460 | 0.8415 | 0.8385 | 0.8300 |
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| Resistance | 0.8600 | 0.8635 | 0.8680 | 0.8720 | 0.8765 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8635 and stop loss with four-hour closing below 0.8460 may be appropriate. | ||||
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