Members login
Technical Cross
Written by article default Tuesday, 03 January 2012 09:08
Morning Report
The pair has been trapped within a very tight range since the opening of this week, stabilizing within the main descending channel as seen on the provided graph. Stochastic shows off some kind of positivity that may assist the pair to reach the resistance line of our captured channel at 120.30. Therefore, the bearishness is still favored over intraday basis, mainly targeting 117.95 followed by 116.95 as far as the daily closing is seen below 120.30.
The trading range for the day is expected among the key support at 116.95 and the key resistance at 120.30.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 119.30 | 119.00 | 117.95 | 117.40 | 116.95 |
|
|
|||||
| Resistance | 120.00 | 120.30 | 121.15 | 121.75 | 122.25 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Having a deeper look at the four-hour chart, we can notice a potential falling wedge that may reverse the current bearishness if the resistance around 100.75 is cleared over intraday basis. Stochastic is positive, but EMA 50 continues covering the price; thus, we recommend staying aside over intraday basis until the pair takes one of the support or the resistance levels between 99.30 and 100.75.
The trading range for the day is expected among the key support at 97.40 and the key resistance at 101.80.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 99.30 | 98.50 | 97.80 | 97.40 | 97.00 |
|
|
|||||
| Resistance | 100.00 | 100.75 | 101.00 | 101.80 | 102.65 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The royal pair remains trapped within the shaded area seen on the provided graph between the previous broken support-turned into resistance- at 0.8395 and the support of 0.8275. Thereby, we will continue watching out the price behaviors of the pair until it takes one of the above hinted edges. We recommend reviewing the weekly report for more details about the targets in case of witnessing a breakout.
The trading range for the day is expected among the key support at 0.8250 and the 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 | 0.8275 | 0.8250 | 0.8200 | 0.8170 | 0.8100 |
|
|
|||||
| Resistance | 0.8395 | 0.8440 | 0.8480 | 0.8550 | 0.8605 |
|
|
|||||
| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8395 targeting 0.8550 and 0.8635 ,stop loss with four-hour closing below 0.8395 or selling the pair with a four-hour closing below 0.8275, targeting 0.8170 and 0.8100, stop loss with a four-hour closing above 0.8395 may be appropriate. | ||||
|
||||||||||||