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Technical Cross
Written by article default Tuesday, 13 December 2011 07:34
Morning Report
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The pair continues to trade within the side-ways range -shown on image- after attempting to breach the support of the range once. Accordingly, we will continue to hold onto our weekly scenario as the pair should breach either the support of the range at 121.00 or the resistance at 122.25. Therefore, we recommend reviewing our weekly report for more details.
The trading range for the day may be among the 119.30 support and 123.15 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 | 122.25 | 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 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 continues to trade negatively approaching the first target around 102.10, while a minor descending channel may be developing after the latest retest of 104.75. In general, we expect further downside movement today, which may preceded by some correction affected by positivity on stochastic. Next target resides at 101.65.
The trading range for the day may be among the 101.00 support and 103.80 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 102.45 | 102.10 | 101.65 | 101.00 | 100.00 |
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| Resistance | 103.00 | 103.80 | 104.25 | 104.75 | 105.15 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 103.00 targeting 101.65 , stop loss with four-hour closing above 103.80 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair violated the 0.8525 critical support which is the 76.4% Fibonacci correction for the bullish wave from 0.8354-0.9083, and this signals that the main descending channel is still controlling the pair's movement and more downside pressure is likely. Main target is at the 100% level around 0.8354, taking into consideration that breaching 0.8525 may delay acquiring the awaited target.
The trading range for the day 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 | 0.8415 | 0.8385 | 0.8355 | 0.8300 | 0.8280 |
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| Resistance | 0.8460 | 0.8525 | 0.8605 | 0.8635 | 0.8680 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8525 targeting 0.8415,stop loss with four-hour closing above 0.8605 may be appropriate | ||||
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