Morning Report
The pair successfully achieved the awaited downside targets noting that the bearishness yesterday sent the pair to trade below the all time record low at 118.82. Accordingly, and due to the persistent negative pressure by the 50 EMA we expect continuation of the downside move over intraday basis, fluctuations among 118.82-119.45 may preceded the awaited move toward 116.00 level. 119.45 should remain intact for our expectations to remain valid.
The expected trading range for the day is among the key support at 117.50 and the key resistance at 121.30.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 118.00 | 117.50 | 116.90 | 116.00 | 115.40 |
| Resistance | 118.85 | 119.45 | 120.35 | 120.80 | 121.60 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 119.45 targeting 116.90 and stop loss above 120.35 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair acquired a daily closing below the major bottom at 103.75 which forms a pivotal support for intraday trading. Accordingly, the downside pressure may continue specially that the 38.2% Fibonacci correction halted very well the upside attempts as shown on image. Therefore, downside targets reside at 102.85 followed by 101.35. The resistance levels among 105.30-105.75 should remain intact for our expectations to remain possible.
The expected trading range for the day is among the key support at 101.35 and the key resistance at 105.75.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 103.75 | 102.85 | 102.35 | 101.35 | 100.90 |
| Resistance | 104.55 | 105.30 | 105.75 | 106.20 | 106.95 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 103.75 targeting 101.35 and stop loss with hourly closing above 104.55 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair successfully settled above 0.8730, and attempted numerously to breach 0.8790 pivotal resistance which forms a neckline for a bullish technical pattern, the pattern could support trading among the main ascending channel we mentioned previously. The 50 EMA over four-hour basis is supporting the pair, accordingly, upside attempts is in favor today but requires two conditions, a clear breach of 0.8790 and steady trading above 0.8690.
The expected trading range for the day is among the key support at 0.8595 and the key resistance at 0.8885.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8730 | 0.8690 | 0.8645 | 0.8595 | 0.9500 |
| Resistance | 0.8790 | 0.8845 | 0.8885 | 0.8925 | 0.9000 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8790 targeting 0.8885 and 0.9000,stop loss with hourly closing below 0.8720 may be appropriate. | ||||
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