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Technical Cross
Written by article default Wednesday, 21 December 2011 07:51
Morning Report
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Trading settles again within the side-way range shaded in yellow, accordingly, we will anticipate a breach above the 122.25 resistance or below the 121.00 support of the range to confirm the next upcoming move. Breaching 122.25 will complete a bullish technical pattern that has targets at 125.00 area, while breaking 121.00 will put the pair within the bearish trend again targeting initially 119.30.
The trading range for today is expected among the key support at 119.30 and the key resistance at 124.25.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 121.25 | 121.00 | 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 124.25 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 continued to trade positively yesterday to touch the resistance of a minor ascending channel that may be a continuation flag pattern, the pattern support the expected downside move. The 50-EMA is also supporting the downside move in addition to negativity on Stochastic. Accordingly, we anticipate a breach below the support of this channel at 101.30 to activate the bearish scenario. Breaching 102.45 may invalidate this scenario.
The trading range for today is expected among the key support at 100.00 and the key resistance at 103.00.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 101.30 | 100.75 | 100.00 | 99.40 | 98.50 |
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| Resistance | 102.45 | 103.00 | 103.80 | 104.25 | 104.75 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach below 101.30 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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Trading settles below the main support at 0.8380 as shown above, while momentum indicators continue to provide positive signs over daily basis; preventing further downside pressure. On the other hand, approaching the support of the descending channel at 0.8315 may signal a bullish reversal. Therefore, the next intraday move depends on breaching one of the levels shown on the minor image, where breaching 0.8380 will resume the overall bullish trend, while breaching 0.8310 will confirm the downside move.
The trading range for today is expected among the key support at 0.8200 and the key resistance at 0.8480.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 0.8315 | 0.8250 | 0.8200 | 0.8170 | 0.8100 |
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| Resistance | 0.8380 | 0.8440 | 0.8480 | 0.8550 | 0.8605 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8315 targeting 0.8200 ,stop loss with four-hour closing above 0.8380 may be appropriate | ||||
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