Morning Report
The pair is fluctuating around the retest level we mentioned yesterday at 118.85, while Stochastic continues to be negative over four-hour basis. Therefore, we continue to expect a downside move for today targeting initially 116.90 and 116.00, taking into consideration that breaching above 118.85 may push the pair to test the resistance of the main descending channel shown on image.
The expected trading range for the day is among the key support at 115.00 and the key resistance at 120.35.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 118.00 | 117.35 | 116.90 | 116.00 | 115.40 |
| Resistance | 118.85 | 119.60 | 120.35 | 120.80 | 121.30 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 118.85 targeting 116.90 and stop loss with four-hour closing above 119.60 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair settled above the support of descending channel which is directing trading over the short term, while Stochastic enters overbought area at the same time the pair is close to retest the previously breached support shown on image. Accordingly, we expect an intraday downside move for today targeting the support of descending channel around 102.30. The expectations will remain valid so long as 104.00 remains intact.
The expected trading range for the day is among the key support at 99.40 and the key resistance at 104.30.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 102.75 | 102.30 | 101.35 | 100.90 | 100.00 |
| Resistance | 104.00 | 104.30 | 105.10 | 105.75 | 106.20 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 104.00 targeting 102.30 and stop loss above 105.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
As shown on the chart, the pair is stuck among the neckline for the bearish technical pattern -we mentioned yesterday- and the 38.2% Fibonacci level between 0.8680 and 0.8690 respectively. On the other hand, the 50 EMA pressures intraday trading negatively, while Stochastic continues to be positive. Therefore, we will monitor the price around the aforementioned levels to confirm the next move. Breaching 0.8690 will push the pair towards 0.8790 and 0.8885, while a breach of 0.8680 may lead to a test of the main support around 0.8595.
The expected trading range for the day is among the key support at 0.8595 and the key resistance at 0.8790.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8680 | 0.8645 | 0.8595 | 0.8500 | 0.8455 |
| Resistance | 0.8690 | 0.8730 | 0.8790 | 0.8845 | 0.8885 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with hourly closing above 0.8690 targeting 0.8790 and stop loss with hourly closing below 0.8680 OR selling the pair with hourly closing below 0.8680 targeting 0.8595 and stop loss with hourly closing above 0.8690 | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment