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Technical Cross
Written by article default Tuesday, 17 January 2012 07:23
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Calm trading is dominating the pair’s movement since yesterday, however with a slight upside bias that grabbed the pair to retest 117.95. In general, we maintain our bearish intraday expectations counting on stability within the main descending channel shown on image, besides the negative pressure by the 50 EMA, taking into consideration that breaching 119.30 shall delay acquiring the awaited targets that start at 116.25.
The trading range for the day is expected among the key support at 115.40 and the key resistance at 119.30.
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 116.25 and 115.00, 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 pair is trading positively since today’s opening to breach the retest support level of the minor ascending channel shown on image, while stochastic has entered overbought areas, and the 50 EMA continues to pressure the pair to the downside , these factors may support the pair to continue trading within the descending channel shown above, thus we maintain our bearish expectations for the pair, targeting 95.80, while steady trading below 98.65 is required for these expectations to remain valid.
The trading range for the day is expected among the key support at 96.10 the key resistance at 98.65.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 97.50 | 96.85 | 95.80 | 94.85 | 94.00 |
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| Resistance | 98.35 | 98.65 | 99.55 | 100.30 | 101.00 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 97.50 targeting 95.80 and stop loss above 98.65 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The four-hour chart shows how the pair settled above a minor ascending trend-line that started carrying price after the latest test of the support of the descending channel shown on image. This ascending support may lead to further bullishness
