Weekly Report (10-14 October 2011)
The pair continues trading positively to settle above the 50 EMA, moving away from the latest bottom at 116.95, thus strengthen the possibilities of heading towards the resistance of the main descending channel as shown on the image. Therefore, we expect the upside bias to continue towards the aforementioned target, however we may witness some fluctuation affected by negativity on SAtochastic and the 120.80 resistance. Breaching 118.10 shall invalidate the suggested bullish scenario to resume the overall downside trend.
The expected trading range for the week is among the key support at 116.95 and the key resistance at 122.40.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 119.10 | 118.10 | 117.65 | 116.95 | 116.25 |
| Resistance | 120.40 | 120.80 | 121.30 | 122.10 | 122.40 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 119.10 targeting 122.40 and stop loss below 118.10 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (10-14 October 2011)
The pair settles above 103.00 barrier, and this is a positive indication and suggests bullishness over the upcoming days. Stochastic is crossing over positively supporting a breach of 103.85-103.80 which will be the key towards 106.40 and 107.00. On the other hand, breaching 102.10 will be a strong sign that trading may resume within the main downside trend.
The expected trading range for the week is among the key support at 101.00 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 | 102.65 | 102.10 | 101.70 | 101.00 | 100.00 |
| Resistance | 103.30 | 103.85 | 104.40 | 105.10 | 105.75 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 103.85 targeting 106.40. Stop loss below 102.65 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (10-14 October 2011)
The pair decline to end the week below the main support which turns into resistance at 0.8620 after the 50 EMA proved strength against the pair's upside attempts. Therefore, we expect a downside move for the week supported by negativity on Stochastic over daily basis, targets start at 0.8530, and 0.8415, taking into consideration that a daily closing above 0.8620-0.8635 may delay acquiring the suggested downside move and push the pair to attempt to the upside again.
The expected trading range for the week is among the key support at 0.8415 and the key resistance at 0.8750.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8590 | 0.8530 | 0.8500 | 0.8415 | 0.8400 |
| Resistance | 0.8620 | 0.8670 | 0.8720 | 0.8750 | 0.8845 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8620 targeting 0.8415 and stop loss above 0.8720 may be appropriate | ||||
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