Morning Report
The pair is fluctuating around the support of the main descending channel shown on the image; we mentioned in yesterday's midday report that there is a possible upside rebound that may carry the pair to trade normally among the channel; however, we will count on the latest breach of the pivotal support at 118.85 to expect an intraday downside move, taking into consideration that breaching 118.85 will open the door toward the channels' resistance level around 123.30.
The expected trading range for the day is among the key support at 115.40 and the key resistance at 119.45.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 117.35 | 116.90 | 116.00 | 115.40 | 115.00 |
| Resistance | 118.00 | 118.85 | 119.45 | 120.35 | 120.80 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 118.85 targeting 117.35 and stop loss with four-hour closing above 119.45 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
After approaching 102.00 level, the pair rebounded and continued trading around the support of the descending channel shown on the image. Yesterday's closing was below this support, thereby we expect the continuation of the downside move over intraday basis, however it may be preceded by some fluctuations and upside attempt for a possible retest of 104.05 before heading to the awaited targets at 102.35 followed by 101.35. Breaching 104.05 may signal the start of the bullish move.
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 | 102.75 | 102.35 | 101.35 | 100.90 | 100.00 |
| Resistance | 103.75 | 104.05 | 104.55 | 105.10 | 105.75 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 104.05 targeting 102.35 and stop loss above 105.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair goes back to trade near the pivotal resistance at 0.8790 which is a strong upside barrier for intraday trading. Settling above the 50 EMA in addition to the bullish technical formation mentioned yesterday suggests that the intraday bullish move is in favor today. Two conditions are required to achieve the move, a breach of 0.8790 level and 0.8690 to remain intact.
The expected trading range for the day is among the key support at 0.8660 and the key resistance at 0.9000.
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 | 0.8500 |
| 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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