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Technical Cross
Written by article default Wednesday, 01 February 2012 07:18
Midday Report
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The pair rebounded sharply after building a base on the pivotal support level of 119.60, where the pair is currently attacking the minor resistance level around 120.50. In general, the pair's next move is still highly uncertain, which drives us to remain neutral for the rest of the session today, observing the pair's behavior and the daily closing around the support level at 119.60 and the resistance of 121.10.
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 | 120.15 | 119.60 | 119.10 | 118.35 | 117.95 |
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| Resistance | 120.50 | 121.10 | 121.80 | 122.25 | 122.60 |
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| Recommendation | Based on the charts and explanations above we remain neutral, awaiting more confirmations | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
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The pair is trading positively since the opening today, after building a base in areas around the several support levels of 100.25 and 100.45, where Stochastic is positive and supports the upside move. Therefore, our morning expectations remain as they are unless the pair provides daily closing below 100.25.
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)
Midday Report
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The negativity returns to affect the pair, which is currently trading below the resistance of the descending channel shown above on the chart, while SMA 50 protects the current bullish wave. Therefore, our suggested scenario remains valid, unless the pair breached the level of 0.8325.
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 | 0.8325 | 0.8255 | 0.8200 | 0.8170 | 0.8100 |
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| Resistance | 0.8365 | 0.8410 | 0.8440 | 0.8480 | 0.8550 |
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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 | ||||
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