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Technical Cross
Written by article default Tuesday, 27 December 2011 09:13
Weekly Report(27-30 Dec 2011)
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The pair trades back below the pivotal level at 122.25 as shown above, where stochastic is pressuring intraday trading negatively which is halting the continuation of the bullish correction. In general, steady trading above the previously breached resistance of the descending channel supports a bullish move within this week, initially targeting 124.25. However, breaching below 120.75 will resume the overall bearish trend again.
The trading range for this week 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 | 121.75 | 121.25 | 120.75 | 120.00 | 119.30 |
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| Resistance | 122.25 | 122.60 | 123.15 | 123.80 | 124.25 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 122.25 targeting 124.25 and 125.65 and stop loss below 120.75 | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report(27-30 Dec 2011)
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Trading remains confined within the minor ascending channel which is a continuation bearish flag formation, this pattern supports the continuation of the downside move this week, where breaching the support of the channel at 101.60 is the only requirement to activate the bearish scenario. The 50-EMA supports negativity, while stochastic is providing positive signs strengthening the support level. The bearish scenario will remain valid so long as 102.55 is intact.
The trading range for this weel is expected among the key support at 99.40 and the key resistance at 103.35.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 101.60 | 100.75 | 100.00 | 99.40 | 98.50 |
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| Resistance | 102.55 | 103.35 | 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 101.60 targeting 100.00 and 99.40 ,stop loss with four-hour closing above 102.55 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report(27-30 Dec 2011)
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The royal pair continues to be stuck among the sensitive levels we mentioned in our previous reports and shaded in yellow, those levels are the support of the descending channel at 0.8295 and the resistance at 0.8385, while stochastic is up-tending over daily basis, and the 50-EMA is pressuring trading to the downside. In general, we still need a breach of 0.8295 to target 0.8200 and 0.8100 or 0.8385 which will lead to testing 0.8550.
The trading range for this week is expected among the key support at 0.8100 and th.e key resistance at 0.8550.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8295 | 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 0.8295 targeting 0.8200 and 0.8100 ,stop loss with four-hour closing above 0.8385 may be appropriate | ||||
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