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Technical Cross
Written by article default Monday, 09 January 2012 07:56
Weekly Report(09-12 Jan 2012)
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The pair managed to breach the awaited pivotal support at 119.30 with daily closing, thus supporting the continuation of the downside move this week supported by the 50 EMA and steady trading below the resistance of the main descending channel currently around 119.95. Main targets start at 116.80 followed by 115.40.
The trading range for the week is expected among the key support at 115.40 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 | 117.95 | 117.40 | 116.80 | 116.25 | 115.40 |
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| Resistance | 119.30 | 120.25 | 120.65 | 121.35 | 121.75 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 119.30 targeting 117.95 and 116.80, stop loss with four-hour closing above 120.30 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report(09-12 Jan 2012)
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The pair remains under downside pressure within the descending channel shown on image, where it acquired the initial targets around 97.40 with the start of the session to rebound again now. In general, resuming the bearishness may is possible during this week supported by the 50 EMA and targeting 96.85 followed by 94.50, while steady trading below 99.60 is required for the downside bias to remain persistent.
The trading range for the week is expected among the key support at 94.50 and the key resistance at 99.60.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 97.40 | 96.85 | 95.70 | 94.85 | 94.00 |
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| Resistance | 98.35 | 98.75 | 99.55 | 100.30 | 101.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 98.35 targeting 96.85 and 96.00, stop loss above 99.60 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report(09-12 Jan 2012)
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Trading settled within a narrow range after breaching the pivotal support which turns into resistance at 0.8260 now, and this supports the continuation of the downside move this week, awaiting the main downside target at 0.8170 to be acquired which is the 50% Fibonacci correction for the whole bullish move from 0.6534 to 0.9802. The 50 EMA supports the downside bias, while breaching 0.8260 with daily closing may delay achieving the awaited move.
The trading range for the week is expected among the key support at 0.8000 and the key resistance at 0.8350.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8200 | 0.8170 | 0.8100 | 0.8065 | 0.8000 |
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| Resistance | 0.8260 | 0.8300 | 0.8350 | 0.8395 | 0.8440 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8260 targeting 0.8170 and 0.8100, stop loss with four-hour closing above 0.8350 may be appropriate. | ||||
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