Midday Report
Examining the four-hour chart, we have seen the pair consolidating among a range bound after recovering from the lows near 116.75. The range is supported from the downside by the 50 SMA and 118.75 horizontal support, while to the upside a short term descending trend line has halted the upside attempt for the pair; therefore, we hold onto neutrality so long as trading is stuck among the range between 120.80-118.75 awaiting a breach either side.
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 | 118.70 | 117.75 | 116.90 | 116.0 | 115.50 |
| Resistance | 119.50 | 120.65 | 121.30 | 122.10 | 122.65 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 118.75 targeting 116.80 and stop loss with hourly closing above 119.50 OR Buying the pair with four hour-closing above 120.80 targeting 122.15 and 123.25 and stop loss with hourly closing below 119.90. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pair is fluctuating among a narrow range, and below 103.50 pivotal intraday resistance level, where Stochastic is clearly oversold and attempting to unload negativity by crossing over positively, therefore we might see a pullback towards the breached support -which should turn into resistance over intraday basis- before attempting to the downside again.
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 OR Selling the pair around 103.60 targeting 103.00 and 102.20 and stop loss with four-hour closing above 104.05. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The major ascending support along with the 52 week SMA halted the downside move, at least temporarily, we may see a pullback to the upside to test the breached support area around 0.8670 before reattempting to the downside, however due to the sensitivity of the current levels we remain neutral for the rest of the day awaiting either a breach of the descending channel or the major ascending support.
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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