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Technical Cross
Written by article default Friday, 27 January 2012 08:59
Morning Report
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The pair reversed after touching 122.00, to currently trade around the awaited retest level at 120.70. In general, our bullish expectations remain valid, affected by the bullish technical pattern that was completed by breaching 120.15 and the initially target was acquired however the complete target at 123.00, we think that the current bearishness is a mere correction of the latest bullish wave. Breaching 120.25 will push us to reconsider our bullish expectations.
The trading range for the day is expected among the key support at 120.00 and the key resistance at 123.00.The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 120.70 | 120.25 | 119.50 | 119.10 | 118.55 |
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| Resistance | 121.35 | 121.80 | 122.25 | 122.60 | 123.00 |
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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 couldn’t settle above 102.00 for a long time, where it reversed again in a downside correction that touched the awaited support level we mentioned previously at 101.00. Stochastic is within oversold areas and the 50 EMA is supporting the pair from below. Accordingly, we expect an intraday bullish move today that requires two conditions, a breach above 101.60 and steady trading above 100.90 and most important above 100.25.
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 | 100.90 | 100.25 | 100.00 | 99.10 | 98.50 |
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| Resistance | 101.60 | 102.00 | 102.55 | 103.35 | 103.80 |
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| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 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 couldn’t settle above the resistance of the short term descending channel shown on image, where it settles within the minor ascending channel. At the same time, the 50 EMA forms a good support , and stochastic enters oversold areas. Accordingly, we expect a bullish move today that requires a breach of 0.8380 followed by 0.8410 in addition to stead trading above 0.8305.
The trading range for the day is expected among the key support at 0.8200 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 | 0.8305 | 0.8255 | 0.8200 | 0.8170 | 0.8100 |
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| Resistance | 0.8380 | 0.8410 | 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 0.8410 targeting 0.8550 and 0.8635 ,stop loss below 0.8300 OR selling the pair with four-hour closing below 0.8300 targeting 0.8170 and 0.8100 with stop loss above 0.8410 | ||||
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