Morning Report
The pair retested 118.85 level and reversed again after the 50 EMA formed a good resistance. Stochastic is negative over four-hour basis, thus supporting our expectations for an intraday downside move targeting mainly 116.25. Steady trading below 119.40 is required for our expectations to remain valid.
The expected trading range for the day is among the key support at 116.25 and the key resistance at 119.40.
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 | 116.25 | 115.40 |
| Resistance | 118.85 | 119.40 | 120.40 | 120.80 | 121.30 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 118.85 targeting 116.25 and stop loss with hourly closing above 119.40 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The upside correction extended yesterday to reach the 50% Fibonacci level around 102.80, where trading reversed to the downside to settle below 120.00 again. Stochastic is attempting to crossover negatively, thereby, we will hold onto our expectations for a downside move over intraday basis targeting initially the support of the descending channel around 100.90 and 100, followed by 99.40. While surpassing 102.80 will open the door towards more correctional potential.
The expected trading range for the day is among the key support at 99.40 and the key resistance at 102.30.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 101.70 | 100.90 | 100.00 | 99.40 | 98.50 |
| Resistance | 102.30 | 102.80 | 103.30 | 103.90 | 104.40 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 102.30 targeting 100.90 and stop loss above 103.30 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair touched the previously breached support of the short term ascending channel which turned into resistance at 0.8610. In general, the downside move within the main descending channel is still possible as shown on the image, targeting a breach of the latest bottom at 0.8531 followed by the support of the descending channel at 0.8445. Momentum indicators are currently hindering the expected downside move.
The expected trading range for the day is among the key support at 0.8445 and the key resistance at 0.8725.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8530 | 0.8500 | 0.8445 | 0.8400 | 0.8300 |
| Resistance | 0.8610 | 0.8660 | 0.8690 | 0.8725 | 0.8790 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8610 targeting 0.8445 and stop loss with hourly closing above 0.8690 may be appropriate | ||||
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