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Technical Cross
Written by article default Monday, 12 December 2011 08:58
Weekly Report(12-16 Dec 2011)
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Trading remain stuck among the narrow range shown on image between 121.00 support and 122.25 resistance, while the 50 EMA continues to pressure the pair negatively while stochastic is approaching oversold areas. Accordingly, we will anticipate a breach of the aforementioned levels to expect the upcoming intraday move, where breaching 121.00 will lead to a decline testing 119.30 followed by 117.95, while breaching 122.25 to the upside will open the door towards further upside correction targeting 125.65.
The trading range for the week may be among the 119.95 support and 125.65 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)
Weekly Report(12-16 Dec 2011)
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The pair maintains stability below the critical breached support shown on image, while the 50 EMA continues to form a resistance for intraday trading, therefore, we expect a downside move this week targeting mainly 102.10-101.65 while steady daily closing below 103.90 is required.
The trading range for the week 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 | 101.65 | 101.00 |
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| Resistance | 103.90 | 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 103.90 targeting 101.65 , stop loss with four-hour closing above 104.75 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report(12-16 Dec 2011)
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The support of the side-ways range at 0.8525 continues to push the pair to the upside halting further decline, where daily closing remain steady above the level supported by positivity on stochastic over daily basis, therefore, we expect a bullish move this week, targeting mainly 0.8635 followed by testing the 0.8685 resistance, taking into consideration that a daily closing below 0.8525 will push us to reconsider the bullish scenario.
The trading range for the week may be among the 0.8385 support and 0.8765 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 0.8685, stop loss with four-hour closing below 0.8460 may be appropriate | ||||
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