Weekly Report (17-21 October 2011)
The pair rallied to surpass the resistance of the descending channel shown on image, the breach hints the continuing effect of the bullish pattern which was completed by a breach of 120.80. Last week closing above the resistance which turned into support at 121.80 supports an upside move for the week, taking into consideration that a daily closing below this level will push us to reconsider the next possible move.
The trading range for the week may be among the 120.30 support and 124.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.80 | 121.30 | 120.80 | 120.35 | 120.00 |
| Resistance | 121.95 | 122.40 | 123.35 | 124.00 | 124.65 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 121.80 targeting 124.35 and stop loss below 120.80 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (17-21 October 2011)
A similar scenario for the pair, which settled above the descending channel which was controlling the pairs movement since July. This breach hints that a potential bullish correction may occur this week. Targeting mainly 109.30, taking into consideration that stability below 106.65 will push the pair to trade again within the main down trend.
The trading range for the week may be among the 104.95 support and 109.30 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.65 | 105.85 | 104.95 | 104.00 | 103.15 |
| Resistance | 107.60 | 1007.90 | 108.85 | 109.30 | 110.05 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 106.65 targeting 109.30. Stop loss with four-hour closing below 105.85 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (17-21 October 2011)
The pair maintains stability above the 50 EMA and the resistance of the previously breached descending channel; therefore, we will continue to expect a bullish bias for the week to continue the overall uptrend which was stopped for a the last bearish correction which settled for 0.8530 levels. The expected targets reside at 0.8900 and 0.9035. Steady daily closing above 0.8725 is required for our expectations to remain valid.
The trading range for the week may be among the 0.8625 support and 0.9035 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
| Support | 0.8725 | 0.8670 | 0.8615 | 0.8590 | 0.8530 |
| Resistance | 0.8805 | 0.8845 | 0.8900 | 0.8925 | 0.9000 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8725 targeting 0.8900 and stop loss below 0.8615 may be appropriate. | ||||
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