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Technical Cross
Written by article default Thursday, 02 February 2012 09:26
Morning Report
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The pair rebounded to the upside breaching the resistance of the sideways range shadowed above on the chart at 120.50 and then provided a daily closing above this level, which provides more signs that the positivity could extend during the coming period, where we recognize a possible ascending channel over intraday basis, which could support the metal to extend the upside correction. The negativity seen on Stochastic could trigger some fluctuations around the previously breached resistance, which turned into support now, while SMA 50 supports the pair from below. Our main targets today start at 122.25, while consolidation above 119.80 is necessary for the pair to achieve the suggested targets.
The trading range for today is among the major support at 119.80 and the major resistance at 122.25.
The short-term trend is to the downside as far as 150.00 remains intact targeting 112.00.
| Support | 120.50 | 119.80 | 119.10 | 118.35 | 117.95 |
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| Resistance | 121.10 | 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 120.50, targeting 122.25 and stop loss below 119.80 might be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
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The pair found strong support level at 99.20, which forced it to rebound to the upside, forming an ascending channel as shown above on the chart, this channel supports the continuity of the upside correction over intraday basis. The pair is fluctuating now around SMA 50, while this fluctuation could continue until the pair gains some positive momentum to extend the upside move over intraday basis. Our target is at 102.55, while consolidation above 99.40 is required to achieve it.
The trading range for today is among the major support at 99.40 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 | 100.00 | 99.40 | 98.50 | 97.80 | 97.45 |
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| Resistance | 100.70 | 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 with an hourly closing above 100.65, and taking profit at 102.55 and stop loss below 99.40 might be appropriate today | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
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The pair is still stable below the support level of the ascending minor channel as shown above, while SMA 50 pressures the pair over intraday basis. Therefore, our negative expectations over intraday basis remain valid, targeting mainly areas around 0.8170 and then 0.8100, while stability below 0.8415 is required for our targets to be achieved.
The trading range for today is among the major support at 0.8100 and the major resistance at 0.8360.
The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.
| Support | 0.8255 | 0.8200 | 0.8170 | 0.8700 | 0.8065 |
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| Resistance | 0.8335 | 0.8360 | 0.8415 | 0.8440 | 0.8480 |
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| Recommendation | Based on the chart and explanations above, our opinion is selling the pair around 0.8335, and taking profit at 0.8170 and stop loss above 0.8415 might be appropriate today. | ||||
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