Weekly Report (03-07 October 2011)
While the overall trend is to the downside, during the past couple of days the pair has showed some signs of recovery, as it managed to trade back above the breached descending support of the channel and above 118.80 important support as well. In general, the bearishness is still in favor, and we will be waiting for a four-hour closing below 118.80 to signal another downside attempt towards 116.80; on the other hand, four-hour closing above 121.25 shall turn our outlook into near term bullish.
The expected trading range for the week is among the key support at 116.00 and the key resistance at 122.20.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 119.50 | 118.70 | 117.75 | 116.90 | 116.00 |
| Resistance | 120.65 | 121.30 | 122.10 | 122.65 | 123.30 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 118.80 targeting 116.85 and stop loss with hourly closing above 119.50 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (03-07 October 2011)
The pair is moving along an intraday descending channel as shown on the image, within the context of a major downside trend, however it’s approaching 101.90 important support while Stochastic is oversold; therefore we remain neutral for now, awaiting a breach either below 101.90 or above the channel’s resistance followed by 104.85 pivotal resistance.
The expected trading range for the week is among the key support at 97.00 and the key resistance at 105.00.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 102.75 | 102.30 | 101.90 | 101.35 | 100.90 |
| Resistance | 103.25 | 104.00 | 104.85 | 105.30 | 105.90 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 101.90 targeting 100.00 and 97.00 stop loss above 103.00 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (03-07 October 2011)
The pair reached our downside targeted area and the main ascending support for the medium term trend around 0.8560. At the current levels, it's testing the major 52 weeks SMA and the main ascending support, at the same time its trading below the 200 SMA while Stochastic is clearly negative; therefore, we will stay aside awaiting more confirmations.
The expected trading range for the week is among the key support at 0.8450 and the key resistance at 0.8900.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8535 | 0.8460 | 0.8400 | 0.8355 | 0.8290 |
| Resistance | 0.8615 | 0.8650 | 0.8730 | 0.8795 | 0.8840 |
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
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