Morning Report
The pair found good support at 118.85, and rebounded to the upside to approach the pivotal resistance we mentioned previously at 120.40. Stochastic is providing positive signs over four-hour basis, therefore, we favor an intraday upside move for today, however it requires two conditions; a clear breach of 120.40 which will open the door toward 123.10, and steady trading above 118.85.
The expected trading range for the day is among the key support at 118.00 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 | 118.00 | 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 buying the pair with hourly closing above 120.40 targeting 122.10 and stop loss with hourly closing below 119.50 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair continues to trade positively, where a positive technical pattern may be developing, but needs confirmation by a breach of 104.35, to head toward the main resistance of the descending channel around 108.75. The inraday upside move remains hypothetical unless a daily closing above 104.35 occurs. Stochastic is supporting the suggested move, while a breach below 103.10 will invalidate it.
The expected trading range for the day is among the key support at 103.10 and the key resistance at 107.00.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 104.05 | 103.65 | 103.10 | 102.75 | 102.30 |
| Resistance | 104.35 | 105.10 | 105.75 | 106.40 | 107.00 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with huorly closing above 104.35 targeting 106.40. Stop loss below 103.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
Trading is stuck among the 23.6% and 38.2% Fibonacci levels, while the 50% halted the previous downside attempts which is a sign that the pair may have completed the correctional move. Now, the resumption of the upside move among the main ascending channel -shown on the minor image- is possible. Areas of 0.8660 should remain intact for the upside bias to remain valid
The expected trading range for the day is among the key support at 0.8660 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 | 0.8710 | 0.8660 | 0.8595 | 0.8500 | 0.8455 |
| Resistance | 0.8730 | 0.8790 | 0.8845 | 0.8885 | 0.8925 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with a breach of 0.8790 targeting 0.8885 and 0.8900 and stop loss below 0.8690 may be appropriate | ||||
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