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Technical Cross
Written by article default Friday, 16 December 2011 09:32
Morning Report
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The pair is still stable below the breached support for the sideways range shown above at 121.00 and we can see the fluctuations around those areas due to the positivity on Stochastic which delays the awaited bearish targets. In general, we will depend on the this breach and stability below the main descending channel’s resistance and the MA 50 to expect the pair to resume the intraday downside move expected for today targeting areas at 119.30 then 117.95 while breaching areas of 121.00-60 will negate the suggested bearish scenario.
The trading range for today is expected among the key support at 117.95 and the key resistance at 122.25.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 120.00 | 119.30 | 119.00 | 117.95 | 117.40 |
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| Resistance | 121.00 | 121.60 | 122.25 | 122.60 | 123.15 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 121.00 targeting 119.30 and stop loss above 122.25 might be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair is fluctuating around the previously breached descending channel’s support which turned into resistance at 101.50 while Stochastic is losing its upside momentum over four-hour basis. Therefore, we expect an intraday downside move today and the continued negative effect of the bearish pattern that was completed with the breach of 104.75 targeting today 101.00 and requires stability below 101.80.
The trading range for today is expected among the key support at 99.40 and the key resistance at 102.45.
The short term trend is to the downside as far as 123.30 remains intact with targets at 94.80.
| Support | 101.00 | 100.00 | 99.40 | 98.50 | 98.00 |
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| Resistance | 101.50 | 101.80 | 102.45 | 103.00 | 103.80 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 101.50 targeting 100.00 and stop loss with four-hour closing above 102.45 might be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair resumes the downside bias and gradually moving towards the full correction for the upside move from 0.8354 to 0.9083 and the support for the descending channel shown above at 0.8315. The positivity on momentum indicators keeps the volatility ongoing yet we expect further intraday bearishness today; we should observe the pair when reaching the targets between 0.8355 and 0.8315 as an upside reversal is possible and we will define the targets later.
The trading range for today is expected among the key support at 0.8250 and the key resistance at 0.8480.
The short term trend is to the upside as far as 0.8480 remains intact with targets at 1.0370.
| Support | 0.8385 | 0.8355 | 0.8325 | 0.8280 | 0.8250 |
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| Resistance | 0.8415 | 0.8480 | 0.8525 | 0.8605 | 0.8635 |
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| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8425 targeting 0.8315 and stop loss with four-hour closing above 0.8415 might be appropriate | ||||
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