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Technical Cross
Written by article default Wednesday, 11 January 2012 07:43
Morning Report
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Narrow trading dominates the pair's movement since yesterday, settling below the breached pivotal support at 119.30, accordingly, the scenario we suggested yesterday continues to be valid and effective. We recommend reviewing yesterday's report for details regarding the possible targets and invalidation levels.
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 | 119.70 | 120.25 | 120.95 | 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 reversed to the downside after touching 98.35 level we mentioned yesterday, accordingly, the suggested bearish scenario is likely within the upcoming period, where trading settles within the descending channel shown on image. The 50 EMA supports the scenario which targets 96.85 followed 95.70.
The trading range for the day 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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Despite yesterday's positive bias, the pair failed to close the day above the previously breached pivotal support at 0.8260-now at 0.8255- and this keeps the downside move expectations valid. Positivity on momentum indicators may delay acquiring the awaited targets at 0.8170 followed by 0.8100. Steady daily closing below 0.8255 is required for these expectations to remain valid.
The trading range for the day 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 | 0.8255 | 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 0.8255 targeting 0.8200 and 0.8100 ,stop loss above 0.8350 may be appropriate | ||||
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