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Technical Cross
Written by article default Wednesday, 18 January 2012 07:33
Morning Report
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The pair settles below 117.95 again, where yesterday's session closed below this level after testing it numerously. In general, steady trading within the main descending channel and the 50 EMA factors that support our expectations for a downside move today, waiting acquiring the main targets that start at 116.80 and 115.40. Steady trading below 119.30 is required.
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 | 20.25 | 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 fluctuating among a narrow range around the 50 EMA and near the resistance of the descending channel shown on image, while stochastic is down-trending after leaving overbought areas; accordingly, we expect a downside move today targeting 96.85 followed by 95.80. Steady trading below 98.35 is necessary to acquire the awaited targets.
The trading range for the day is expected among the key support at 95.60 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 | 97.50 | 96.85 | 96.25 | 95.60 | 94.85 |
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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 around 98.35 targeting 96.85 , stop loss with four-hour closing above 98.80 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair continues to fluctuate within the minor ascending channel which has been carrying the pair since the latest test of the support of the main descending channel shown on image, the minor ascending channel hints further bullishness is probable within the upcoming period, targeting 0.8400. Stability above the 50 EMA supports our positive expectations, mentioning that breaching 0.8260 may weaken the bullish bias and lead to a test of 0.8170.
The trading range for the day is expected among the key support at 0.8170 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 | 0.8255 | 0.8200 | 0.8170 | 0.8100 |
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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 around 0.8260 targeting 0.8400 and stop loss with four-hour closing below 0.8255 may be appropriate. | ||||