Members login
Technical Cross
Written by article default Monday, 19 December 2011 08:01
Weekly Report(19-23 Dec 2011)
 |
The pair maintains steady daily closing below the support of the shaded side-ways range at 121.00 and shown on image, while the 50-EMA continues to pressure trading negatively ,where trading settles below the resistance of the main descending channel . Therefore, we expect further downside pressure this week targeting mainly 119.30 and 116.95, while steady trading below 121.40 is required to acquire the awaited move.
The trading range for today is expected among the key support at 116.95 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 |
|
|
|||||
| Resistance | 121.00 | 121.40 | 122.25 | 122.60 | 123.15 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 121.00 targeting 117.95 and stop loss with daily closing above 122.25 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report(19-23 Dec 2011)
 |
Trading settles within a narrow range illustrated by the tiny symmetrical triangle shown above, while the 50-EMA continues to pressure trading to the downside over intraday and short term basis, the continuation triangle pattern supports our expectation for a downside move this week, targeting a test and breach of the previous bottom at 100.75 followed by acquiring the complete target for the previously breached bearish technical pattern -which was completed by breaching 104.75- at 97.80. Steady trading below 104.45 is required for our expectations to remain valid.
The trading range for today is expected among the key support at 97.80 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 | 101.15 | 100.75 | 100.00 | 99.40 | 98.50 |
|
|
|||||
| Resistance | 101.75 | 102.45 | 103.00 | 103.80 | 104.25 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 100.75 targeting 99.40 and 97.80 , stop loss with four-hour closing above 101.75 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report(19-23 Dec 2011)
 |
Today, having a wider view for the royal pair, trying to explain why it stopped at the 0.8370 support since Wednesday, where we can clearly see the ascending support which carried price starting from 0.7700 areas and October 2008. Accordingly, the current areas form a strong and critical support for the short term direction, breaching this area may lead to a change of the medium term trend to bearishness. The 50 EMA is supporting more downside movement, while momentum indicators are providing oversold signals adding strength to the current support area. Accordingly, we recommend staying aside and monitor daily closing around 0.8370 support and 0.8480 resistance.
The trading range for today is expected among the key support at 0.8200 and the key resistance at 0.8550.
The short term trend is to the upside as far as 0.8480 remains intact with targets at 1.0370.
| Support | 0.8380 | 0.8320 | 0.8250 | 0.8200 | 0.8170 |
|
|
|||||
| Resistance | 0.8440 | 0.8480 | 0.8550 | 0.8605 | 0.8635 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations | ||||
|
||||||||||||