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Technical Cross
Written by article default Wednesday, 25 January 2012 10:20
Morning Report
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The pair continued the rally affected by the bullish technical pattern that was completed by breaching 120.15 yesterday, where price is approaching the main target at 122.25, this level may push the pair to reverse direction. Momentum indicators are within overbought areas, thus may force the pair correct some of the gains before resuming the bullish attempts. The 50-EMA is supporting price from the downside.
The trading range for the day is expected among the key support at 120.15 and the key resistance at 123.80.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 120.70 | 120.15 | 119.50 | 119.10 | 118.70 |
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| Resistance | 121.75 | 122.25 | 122.60 | 123.15 | 123.80 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 120.70 targeting 122.25 and stop loss below 120.00 may be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair continued the bullish move after confirming the breach of the bullish technical pattern yesterday by surpassing the neckline at 100.25, where we are currently trading near the midway towards the main target at 102.55. Negativity on momentum indicators may lead to some downside correctional attempts before heading again to resume the expected intraday bullish move , and targets start at 102.55 followed by 103.50.
The trading range for the day is expected among the key support at 100.25 the key resistance at 103.50.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 101.00 | 100.25 | 100.00 | 99.10 | 98.50 |
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| Resistance | 101.80 | 102.55 | 103.35 | 103.80 | 104.25 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair around 101.00 targeting 102.55 and 103.50 , stop loss below 100.25 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair continues to trade within the minor ascending channel shown above, while we continue to anticipate a breach of the sensitive levels among 0.8295 support and 0.8405 resistance to confirm the upcoming possible move, where breaching the aforementioned support will signal that the channel is a continuation flag supporting resuming the downside trend within the main descending channel-colored in red- while breaching 0.8405 will put the pair above the support of the main bullish trend that was previously breached , targeting initially 0.8550.
The trading range for the day is expected among the key support at 0.8200 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 | 0.8325 | 0.8295 | 0.8200 | 0.8170 | 0.8100 |
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| Resistance | 0.8405 | 0.8440 | 0.8480 | 0.8550 | 0.8605 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8405 targeting 0.8550 and 0.8635 ,stop loss below 0.8295 OR selling the pair with four-hour closing below 0.8295 targeting 0.8170 and 0.8100 with stop loss above 0.8400 | ||||
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