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Technical Cross
Written by article default Friday, 23 December 2011 07:33
Morning Report
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Trading settles above the breached level at 122.25. While a narrow range is controlling the pair's movement due to the low volume levels within this period. In general, we maintain our expectations for an intraday bullish move counting on stability above the aforementioned resistance, where main targets start at 124.25. The 50 EMA is supporting the bullish scenario.
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 | 122.25 | 121.80 | 121.25 | 121.00 | 120.00 |
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| Resistance | 122.60 | 123.15 | 123.80 | 124.30 | 124.95 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 122.25 targeting 124.25 and stop loss below 121.00 might be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Trading remains confined within the minor ascending channel shown on the image, the pattern could be a continuation flag , which supports the continuation of the intraday bearishness today, and now a breach below the support of this channel around 101.45 is the only requirement to activate the bearish scenario. Targets start at 100.00, and require steady trading below 102.40.
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 | 101.45 | 100.75 | 100.00 | 99.40 | 98.50 |
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| Resistance | 102.40 | 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 101.45 targeting 100.00 ,stop loss with four-hour closing above 102.40 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Trading remains stuck among the support of the descending channel shown above at 0.8310 and the previously breached support of the main bullish trend which turns now into resistance at 0.8385. While the 50 EMA continues to pressure the pair, on the other hand momentum indicators are providing positive signs. Therefore, we maintain our previously suggested scenario; we need a breach of one of the levels at 0.8310 support which will lead to testing 0.8200 and 0.8100 or 0.8385 resistance initially, targeting 0.8555
The trading range for today is expected among the key support at 0.8200 and th.e key resistance at 0.8480.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8310 | 0.8250 | 0.8200 | 0.8170 | 0.8100 |
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| Resistance | 0.8385 | 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 0.8310 targeting 0.8200 ,stop loss with four-hour closing above 0.8385 may be appropriate | ||||
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