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Technical Cross
Written by article default Friday, 13 January 2012 10:59
Morning Report
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The pair is trading within a narrow range since yesterday settling below 117.95; while momentum indicators are providing positive signals and that may maintain fluctuations for some time. In general, we count steady trading below the main descending resistance shown on image in addition to the 50-EMA and hold onto our bearish expectations for the pair, mentioning that targets start at 116.80 and 115.40. For more details please click on the link below “Further Analysis".
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 | 120.25 | 120.95 |
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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)
Morning Report
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The upside bias continued to push the pair to surpass the resistance of the range bound shown on image at 98.35, accordingly, we expect further bullishness for a possible test of 99.00 which is the resistance of the main descending channel, where the pair may resume the intraday downside move. The 50 EMA is pressuring the pair to the downside while stochastic is in overbought area as well, supporting our bearish expectations towards the main targeted area at 96.10. Breaching 99.00 may delay acquiring the awaited move.
The trading range for the day is expected among the key support at 96.10 the key resistance at 99.00.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 98.35 | 97.95 | 97.40 | 96.85 | 96.10 |
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| Resistance | 99.00 | 99.55 | 100.30 | 101.00 | 101.80 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 99.00 targeting 97.40 and stop loss with four-hour closing above 99.55 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair rallied to surpass the resistance of the falling wedge formation and approach the critical resistance at 0.8400. Momentum indicators are providing negative signs over the four-hour time horizon, and that may result in some fluctuations before resuming the bullish move today affected by the aforementioned pattern. There is a pivotal resistance at 0.8370 that if breached will make easier for the pair to breach 0.8400.
The trading range for the day is expected among the key support at 0.8270 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 | 0.8295 | 0.8200 | 0.8170 | 0.8100 | 0.8065 |
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| Resistance | 0.8370 | 0.8400 | 0.8440 | 0.8480 | 0.8550 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8370 targeting 0.8480 and 0.8550, stop loss with four-hour closing below 0.8295 may be appropriate | ||||
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