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Technical Cross
Written by article default Tuesday, 31 January 2012 07:10
Morning Report
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The pair breached the retest level at 120.15 and closed the session yesterday below it, which negated the effect of the suggested bullish technical pattern. Currently, the pivotal support level at 119.60 represents the suggested neckline of the bearish technical structure, which is still under formation and could be completed in case the pair settled below 120.15 and then breached the mentioned neckline, and in result this indicates that the pair settled for the current upside correction and will return to the downside movement again. In general, we remain neutral now, tracking the pair's behavior in the critical areas between the support of 119.60 and the resistance at 120.50.
The trading range for today is among the major support at 118.35 and the major resistance at 121.10.
The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.
| Support | 119.60 | 119.10 | 118.35 | 117.95 | 117.40 |
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| Resistance | 120.15 | 120.50 | 121.10 | 121.80 | 122.25 |
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| Recommendation | Based on the charts and explanations above we remain neutral, awaiting more confirmations | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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Despite the decline seen yesterday, the pair provided a daily closing above the pivotal support at 100.25, which supports the suggested upside move to remain valid. Stochastic is positive over 4-hour basis, which also supports our expectations for an intraday upside move today, targeting basically areas around 102.55, noting that any daily closing below 100.25 could force the pair to resume the general downside trend again.
The trading range for today is among the major support at 99.30 and the major resistance at 102.55.
The short-term trend is to the downside as far as 123.30 remains intact, targeting 94.80.
| Support | 100.25 | 100.00 | 99.30 | 98.50 | 97.80 |
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| Resistance | 100.90 | 101.60 | 102.00 | 102.55 | 103.35 |
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| Recommendation | Based on the chart and explanations above, our opinion is buying the pair around 100.25, and taking profit at 102.55 and stop loss with a 4-hour closing below 99.30 might be appropriate today | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair started the day positively; breaching the resistance of the descending channel as shown above after SMA 50 provided a strong support and stopped the bearishness yesterday. Stochastic turned positive over 4-hour basis, which supports our expectations for an intraday upside move today, targeting mainly the level of 0.8410 in attempts to confirm the breach of this level and then moving towards the main targets at 0.8550. Consolidation above 0.8325 is necessary for the pair to achieve the suggested targets.
The trading range for today is among the major support at 0.8325 and the major resistance at 0.8550.
The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.
| Support | 0.8365 | 0.8325 | 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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