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Technical Cross
Written by article default Monday, 23 January 2012 09:03
Weekly Report (23-27 March)
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Trading settles above the resistance of the breached descending channel shown on image; therefore, a bullish move is probable within the coming days as a bullish correction. Negativity on Stochastic may push the pair to retest the breached resistance which turns into support at 118.90 before heading towards acquiring the upside targets starting from 122.25. Breaching 118.90 with daily closing will put the pair within the main bearish trend again.
The trading range for the week is expected among the key support at 117.95 and the key resistance at 125.65.
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 buying the pair around 131.00 targeting 132.70 and stop loss below 130.00 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (23-27 March)
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The pair is trading near the retest level at 98.80, after approaching the 23.6% Fibonacci correction for the move from 111.55 and 97.00. The 50 EMA coincides with the retest level and stochastic enters oversold areas. Accordingly, we expect a bullish correction this week initially targeting a breach above 100.45 followed by the 38.2% Fibonacci at 102.55. Taking into consideration that breaching 98.80 will open the door towards retesting the resistance of the breached descending channel which turns into support now at 97.45.
The trading range for the week is expected among the key support at 97.45 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 | 97.45 | 97.00 |
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| Resistance | 100.00 | 100.45 | 101.00 | 101.80 | 102.55 |
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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)
Weekly Report (23-27 March)
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The pair declined sharply to touch the support of the minor ascending channel which is clearly shown on the above chart; the channel may be a continuation bearish flag pattern. The 50-EMA pressures the pair negatively, while Stochastic is providing positive signs over the four-hour timeframe. Accordingly, the next potential move depends on the sensitive levels among 0.8280 support and 0.8400 resistance, where breaching 0.8280 will lead to 0.8170 and 0.8100, while surpassing 0.8400 will grab the pair outside the main descending channel and put the price above the previously breached ascending support for the bullish trend again.
The trading range for the week is expected among the key support at 0.8100 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 | 0.8315 | 0.840 | 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 0.8400 targeting 0.8550 and 0.8635 ,stop loss below 0.8400 OR selling the pair with four-hour closing below 0.8280 targeting 0.8170 and 0.8100 and stop loss above 0.8400 may be appropriate | ||||
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