Weekly Report (24-28 October 2011)
The pair is fluctuating near the resistance of the descending channel since last week as shown on the image, settling below the resistance supports our view for the downside bias this week. The main condition for this decline is steady daily closing below 121.85, targeting initially 120.45 and 118.10.
The trading range for the week may be among the 116.95 support and 123.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.50 | 120.85 | 120.45 | 119.75 | 119.10 |
| Resistance | 121.85 | 122.60 | 123.35 | 124.00 | 124.65 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 121.85 targeting 119.10 and stop loss with four-hour closing above 122.60 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Weekly Report (24-28 October 2011)
Trading is stuck between the resistance of the descending channel and 104.95 previously breached resistance that turned into support now, Stochastic is about to enter overbought territory as well. Therefore, we expect an intraday downside move for today targeting mainly a breach of 104.95 to head towards 102.60. A daily closing above 106.10 will push us to reconsider the possible scenarios.
The trading range for the week may be among the 102.60 support and 107.00 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 105.60 | 104.95 | 104.25 | 104.00 | 103.15 |
| Resistance | 106.10 | 106.50 | 106.95 | 107.60 | 107.90 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 106.10 targeting 104.00 and stop loss with four-hour closing above 106.95 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Weekly Report (24-28 October 2011)
Although the pair ended the day negatively on Friday, the week ended above the resistance of the descending correctional channel shown on the image, in addition to the positivity on Stochastic. We think that a bullish move is possible for this week, two conditions are required to acquire the move; a breach above 0.8700 and 0.8720 and steady trading above 0.8635.
The trading range for the week may be among the 0.8530 support and 0.9000 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
| Support | 0.8685 | 0.8635 | 0.8590 | 0.8530 | 0.8500 |
| Resistance | 0.8720 | 0.8805 | 0.8845 | 0.8910 | 0.9000 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with a breach above 0.8720 targeting 0.8910 and stop loss below 0.8635 may be appropriate. | ||||
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