Morning Report
The pair rallied sharply yesterday to surpass the 118.85 retest level, and this will push us to monitor trading today around the intraday directional key levels, where a bullish technical pattern has appeared with a neckline at 120.40, in case the pair managed to surpass this level the door will be open towards the main descending resistance of the descending channel at 123.30, while trading back below 118.85 may signal a possible attempt to resume the main downside trend and hints that the recent rally is a mere pullback.
The expected trading range for the day is among the key support at 117.35 and the key resistance at 122.10.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 119.50 | 118.85 | 118.0 | 117.35 | 116.90 |
| Resistance | 120.40 | 120.80 | 121.30 | 122.10 | 122.65 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 118.85 targeting 116.90 and stop loss with hourly closing above 119.5 OR buying the pair with hourly closing above 120.40 targeting 122.10 and stop loss with hourly closing below 119.50 | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair attempted to breach the retest level shown on the image, however trading settles below the level while Stochastic remains overbought; therefore, we will hold onto our intraday bearish expectations targeting initially 102.15. Invalidation level will be 105.10.
The expected trading range for the day is among the key support at 100.90 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 | 104.05 | 104.30 | 105.10 | 105.75 | 106.20 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 104.05 targeting 102.30 and stop loss above 105.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
Trading is stuck among the narrow range bound shown on the image, but with a downside bias. Therefore, we favor an intraday downside move today supported by the 50 EMA in addition to Stochastic's downside bias. Breaching 0.8690-0.8710 may invalidate the negative pattern we mentioned in our previous reports and lead to resuming the main upside trend for the pair.
The expected trading range for the day is among the key support at 0.8500 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 | 0.8645 | 0.8595 | 0.8500 | 0.8455 | 0.8400 |
| Resistance | 0.8680 | 0.8710 | 0.8790 | 0.8845 | 0.8885 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8680 targeting 0.8595 and stop loss with hourly closing above 0.8710 may be appropriate | ||||
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