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Technical Cross
Written by article default Thursday, 19 January 2012 07:20
Morning Report
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The pair rallied to surpass 117.95 affected by positivity on momentum indicators, further gains is expected for a possible test of the resistance of the main descending channel now at 119.10. In general, steady trading within the channel keeps our intraday bearish expectations valid, the 50 EMA supports bearishness, and main targets start at 116.25 and require steady trading below 119.10.
The trading range for the day is expected among the key support at 115.40 and the key resistance at 119.10.
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 | 118.70 | 119.10 | 120.00 | 120.25 | 120.95 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair around 119.10 targeting 117.95 and 116.80, stop loss above 120.25 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair maintained the bullish bias yesterday to breach the resistance of the descending channel shown on image, where a horizontal resistance at 98.80 halted further incline, forming a range bound between 98.80-97.00 area. Negativity on momentum indicators may push the pair to resume the overall bearish trend; on the other hand, the 50-EMA coincides with the breached descending resistance which may form a strong support. Therefore, we remain neutral for now, and monitor trading around 97.95 support and 98.80 resistance.
The trading range for the day is expected among the key support at 97.00 the key resistance at 100.10.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 97.95 | 97.50 | 97.00 | 96.25 | 95.60 |
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| Resistance | 98.80 | 99.35 | 100.10 | 101.00 | 101.80 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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Trading remains confined within the minor ascending channel shown on image, attempting to test the pivotal resistance at 0.8400. Negativity on momentum indicators may lead to some fluctuations and downside bias, however, a bullish move remains probable today towards 0.8400, where if reached and breached the door will be open towards trading back within the overall bullish trend.
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 | 0.8270 | 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 0.8270 targeting 0.8400 and stop loss with four-hour closing below 0.8255 may be appropriate. | ||||