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Technical Cross
Written by article default Monday, 30 January 2012 07:27
Weekly Report (30 Jan-3 Feb)
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The pair is trading around the previously breached neckline level of the bullish technical pattern at 120.15, where Stochastic is negative and significant on the daily interval, while the SMA 50 formed a strong support level over intraday basis. In general, consolidation above the main resistance of the breached descending channel suggests that the upside move remains valid this week, targeting the level of 122.25, which if breached could support the upside correction to extend further. A breach of 120.15 could postpone the awaited incline, while a breach of 118.40 could trigger a downside movement.
The trading range for this week is among the major support at 118.40 and the major resistance at 123.80.
The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00
| Support | 120.25 | 119.65 | 119.10 | 118.40 | 117.95 |
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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, our opinion is buying the pair around 120.15, targeting 122.25 and stop loss with 4-hour closing below 119.10 might be appropriate this week | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (30 Jan-3 Feb)
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The pair is still stable above the previously breached neckline of the bullish technical pattern, which completed with the breach of 100.25, where SMA 50 provides a good support level and supports the bullish attempts to remain highly possible. In result, we expect an upside move this week, targeting mainly 102.55 and then 103.80, but we should pay attention that a breach of 100.25 could negative the upside move and trigger a downside movement over intraday basis.
The trading range for this week is among the major support at 99.30 and the major resistance at 103.80.
The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.
| 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 chart and explanations above, our opinion is buying the pair around 101.00, and taking profit in stages at (102.55 and 103.80) and stop loss with a 4-hour closing below 100.00 might be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (30 Jan-3 Feb)
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The pair was able to breach the resistance level of the descending channel as shown above, but we find that it is still unable to breach the retest level of the previously breached main support, which turned into resistance now, at 0.8410. In general, we depend on the mentioned breach to hold onto the suggested upside move for the coming period, targeting 0.8550 and then 0.8680, taking into consideration that a breach of 0.8320 could negate our positive scenario and trigger a downside movement.
The trading range for this week is among the major support at 0.8200 and the major resistance at 0.8680.
The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.
| Support | 0.8375 | 0.8320 | 0.8255 | 0.8200 | 0.8170 |
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| Resistance | 0.8410 | 0.8440 | 0.8480 | 0.8550 | 0.8605 |
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| Recommendation | Based on the chart and explanations above, our opinion is buying the pair with 4-hour closing above 0.8410, and taking profit in stages at (0.8550 and 0.8635) and stop loss with a 4-hour closing below 0.8320 might be appropriate this week. | ||||
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