Midday Report
The pair rallied to surpass 120.80 level, while Stochastic enters overbought area to maintain the possibility of a downside reversal. There is a possible bearish technical pattern as well - illustrated on chart- but we need a downside reversal that push the pair to breach the support levels among 120.80 and 120.40 to confirm the pattern. In general, our morning scenario remains valid so long as 122.20 remain intact.
The trading range for the day may be among the 118.75 support and 122.20 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 120.80 | 120.35 | 120.00 | 19.75 | 119.10 |
| Resistance | 121.30 | 121.80 | 122.20 | 122.60 | 123.35 |
| Recommendation | Our morning expectations remain valid. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Midday Report
The pair is trading positively to touch the resistance of the descending channel shown on image. Stochastic is adding strength into this resistance level and supports trading among the channel. Accordingly, we hold onto our morning scenario for the rest of the day so long as the mentioned resistance remains intact.
The trading range for the day may be among the 104.00 support and 107.60 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 105.50 | 104.95 | 104.00 | 103.15 | 102.65 |
| Resistance | 106.40 | 107.00 | 107.60 | 107.90 | 108.85 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with hourly closing below 104.95 targeting 104.00 and stop loss with hourly closing above 105.35 might be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Midday Report
The pair is trading within a narrow range since morning with a slight upside bias, while Stochastic continues to provide negative signs that may push the pair to retest 0.8720 level. Therefore, our morning expectations remain valid.
The trading range for the day may be among the 0.8625 support and 0.8910 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
| Support | 0.8720 | 0.8685 | 0.8625 | 0.8590 | 0.8530 |
| Resistance | 0.8805 | 0.8845 | 0.8910 | 0.9000 | 0.9035 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8720 targeting 0.8910 and stop loss with four-hour closing below 0.8685 might be appropriate. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment