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Technical Cross
Written by article default Friday, 20 January 2012 09:43
Morning Report
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The pair breached the resistance of the descending channel shown above followed by a daily closing above the level, and this may be an initial signal that the pair is heading to reverse the intraday bias to acquire some upside correction. On the other hand, the 50-EMA forms a resistance now at 120.30 and stochastic has entered overbought areas and this may pressure the pair to attempt resuming the bearish trend. Accordingly, we prefer staying aside and monitor trading and daily closing around 118.90 support and 120.30 resistance.
The trading range for the day is expected among the key support at 116.80 and the key resistance at 120.30.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 118.90 | 117.95 | 117.40 | 116.80 | 116.25 |
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| Resistance | 120.30 | 120.95 | 121.35 | 121.75 | 122.25 |
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| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair rallied sharply to surpass 98.80 and approaches the 23.6% Fibonacci correction at 100.45, thus, we think that further bullish correction is probable within the coming period. The 50-EMA supports price from the downside, while momentum indicators are providing negative signals that may push the pair to retest the breached resistance before resuming the bullish intraday move today. Main targets start at 102.55 and requires steady trading above 98.80.
The trading range for the day is expected among the key support at 98.80 the key resistance at 102.55.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 99.35 | 98.80 | 97.80 | 97.50 | 97.00 |
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| Resistance | 100.45 | 101.00 | 101.80 | 102.55 | 103.35 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 98.80 targeting 100.45 and stop loss below 97.80 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The royal pair continues to trade positively within the minor ascending channel shown on image, supported by the 50-EMA, where price is approaching the critical and most important resistance for the upcoming intraday and short term direction around 0.8400. Breaching this resistance will resume the main bullish trend targeting 0.8550, while if the level holds trading will remain normally within the current descending channel targeting 0.8170. Accordingly, the next direction for the pair depends on the levels at 0.8280 support and 0.8400 resistance.
The trading range for the day is expected among the key support at 0.8170 and the key resistance at 0.8550.The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8280 | 0.8200 | 0.8170 | 0.8100 | 0.8065 |
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| Resistance | 0.8400 | 0.8440 | 0.8480 | 0.8550 | 0.8605 |
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| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8280 targeting 0.8170 and 0.8100 ,stop loss above 0.8400 may be appropriate | ||||
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