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Technical Cross
Written by article default Tuesday, 20 December 2011 07:44
Morning Report
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The pair continues to fluctuate around the previously breached support at 121.00, while daily closing remain below the level, whilst stochastic is losing the bullish momentum among the narrow trading stance, Accordingly, we maintain our expectations for a downside move today supported by the negative pressure from the 50 EMA. Breaching 121.40 may delay acquiring the awaited move.
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 | 121.40 | 122.25 | 122.60 | 123.15 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 121.00 targeting 119.30 and stop loss with four-hour closing above 121.40 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The symmetrical triangle continues to confine trading as shown above, this narrow trading suggests that we may see an acceleration following the breach of the formation, the pattern is a continuation one per se, and thus, the pair may be in its way to continue the bearish downside move today. Stochastic is providing negative signs over four-hour basis, while the 50 EMA is supporting the bearish wave. Expected targets start at 100.00 and require steady trading below 102.45.
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 150.00 remains intact with targets at 112.00.
| Support | 101.20 | 100.75 | 100.00 | 99.40 | 98.50 |
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| Resistance | 101.70 | 102.45 | 103.00 | 103.80 | 104.25 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach below 101.20 targeting 100.00 , stop loss with four-hour closing above 101.70 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair is fluctuating around the main support we mentioned yesterday in our weekly report, where attempts to breach the level continue, this level could be a major turning point for the pair's direction. We recommend reviewing our weekly reports below for more details. Momentum indicators are providing positive signs adding strength to this support , while the 50 EMA continues to pressure trading negatively. Accordingly, we prefer staying aside and monitor trading around the critical levels.
The trading range for today is expected among the key support at 0.8285 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 | 0.8380 | 0.8320 | 0.8250 | 0.8200 | 0.8170 |
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| Resistance | 0.8440 | 0.8480 | 0.8550 | 0.8605 | 0.8635 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations | ||||
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