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Technical Cross
Written by article default Wednesday, 04 January 2012 10:25
Morning Report
The pair has touched the resistance of the bearish channel at 120.20 where it declined once more stabilizing inside our channel. Stochastic continues giving off positive signs that may bring some kind of positivity. But, we depend on the daily closing below the aforementioned levels to keep our bearish predictions unchanged targeting 117.95 followed by 116.25; noting that, a break below 119.30 will accelerate the bearish wave.
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 |
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| Resistance | 120.20 | 121.15 | 121.75 | 122.25 | 122.60 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a four-hour closing below 119.30 targeting 117.95 and 116.95 and stop loss with four-hour closing above 120.20 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Trading is still trapped within the potential falling wedge pattern discussed yesterday; thus, we need top witness a breakout above or below one of the edges for this pattern to clarify the next move. A break above 100.75 will make the pair visit 102.50 zones and may be 104.00 while breaching through 99.20 will send it lower causing a failure to the aforementioned pattern.
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 | 99.20 | 98.50 | 97.80 | 97.40 | 97.00 |
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| Resistance | 100.00 | 100.75 | 101.00 | 101.80 | 102.65 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with a breach of 100.75 targeting 102.50 and stop loss with four-hour closing below 99.88 or selling the pair with a breakout below 99.20, targeting 97.80 and 97.00, stop loss above 99.85 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The royal pair is still l trapped within the yellow shaded as seen on the provided graph. The both edges of our captured range trading areas reside between the support of 0.8270 and the resistance around 0.8395. We need to watch out the price behaviors around those levels as a break below 0.8270 will lead us to visit 0.8170 followed by 0.8100; whilst a break above 0.8395 will send the pair higher towards 0.8550.
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 | 0.8270 | 0.8250 | 0.8200 | 0.8170 | 0.8100 |
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| Resistance | 0.8395 | 0.8440 | 0.8480 | 0.8550 | 0.8605 |
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| 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. | ||||
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