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Technical Cross
Written by article default Thursday, 12 January 2012 08:37
Midday Report
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The pair declined to acquire the first awaited target at 117.95, and continues the downside trip attempting to retest the latest bottom at 116.80. Trading settled below the resistance of the main descending channel and the 50-EMA, accordingly, we maintain our expectation for bearishness. Breaching 119.60 will put the pair outside the descending channel and may result in a trend change.
The trading range for the day is expected among the key support at 115.40 and the key resistance at 119.35.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 117.40 | 116.80 | 116.25 | 115.40 | 115.00 |
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| Resistance | 117.95 | 118.70 | 119.30 | 119.60 | 120.25 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 117.95 targeting 116.80 and 115.40, stop loss with four-hour closing above 119.30 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is trading within the yellow shaded range bound among 98.35 and 97.40, while the 50-EMA continues to pressure trading negatively, thus a downside side move today is more likely but requires breaching 97.40 in addition to steady trading below 98.35.
The trading range for the day is expected among the key support at 95.70 the key resistance at 98.80.
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 | 96.10 | 95.70 | 94.85 |
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| Resistance | 98.35 | 98.80 | 99.20 | 99.60 | 100.30 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach below 97.40 targeting 96.10 and 95.70 and stop loss above 98.35. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
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The pair settles above the support of the descending channel shown above, where a possible falling wedge may be developing and price is currently around the resistance of the formation at 0.8310, breaching this level will activate the pattern and may push the pair towards the main breached support of the main bullish trend which turns into resistance now at 0.8400-dashed red line-. Accordingly, we prefer staying aside now, and monitor trading around 0.8310 resistance and 0.8265 support.
The trading range for the day is expected among the key support at 0.8400 and the key resistance at 0.8170.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8265 | 0.8200 | 0.8170 | 0.8100 | 0.8065 |
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| Resistance | 0.8310 | 0.8350 | 0.8400 | 0.8440 | 0.8480 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations | ||||
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