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Technical Cross
Written by article default Tuesday, 10 January 2012 07:40
Morning Report
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The trading range for the day is expected among the key support at 116.80 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 | 119.80 | 120.225 | 120.65 | 121.35 |
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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)
Morning Report
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The pair is fluctuating with a slight bullish bias since yesterday, approaching the awaited retest level at 98.35, where we anticipate a test of this level before resuming the bearish intraday move supported by trading within the main descending channel in addition to the negative pressure from the 50 EMA and negativity on stochastic. Main targets start at 96.85,while the expected move requires steady trading below 99.60.
The trading range for the week is expected among the key support at 96.00 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 | 99.10 | 99.60 | 100.30 |
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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 99.10 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair is fluctuating around the main breached support which turns into resistance at 0.8260, where it ended yesterday’s session below the aforementioned level, thus we maintain our bearish expectations for the pair targeting initially 0.8170 followed by 0.8100. Positivity on momentum indicators is preventing the acceleration of the downside bias and may lead to sideways fluctuations for some time.
The trading range for the week is expected among the key support at 0.8100 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 selling the pair around 0.8260 targeting 0.8200 and 0.8100 ,stop loss above 0.8350 may be appropriate | ||||
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