Morning Report
The pair continues to fluctuate around the resistance of the main descending channel since yeterday, settling below the level over daily closing basis. Therefore, we maintain our expectation for an intraday downside move targeting initially a breach below the 50 EMA at 121.10. We remind you that a daily closing above the resistance of the channel will be considered as an upside reversal signal.
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 | 121.10 | 120.85 | 120.45 | 119.75 | 119.10 |
| Resistance | 121.80 | 122.60 | 123.35 | 124.00 | 124.65 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 121.80 targeting 120.45 and stop loss above 122.60 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
Yesterday, trading was limited among the the resistance of the descending channel and the critical support at 104.95, we are still waiting for a breach below the aforementioned support to expect the resumption of the downside move, maintaining the daily closing below the resistance level encourage us to remain on the bearish side, while targets to the downside start at 104.00.
The trading range for the week may be among the 103.15 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 | 105.90 | 106.50 | 106.95 | 107.60 | 107.90 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 105.90 targeting 104.00 and stop loss above 106.95 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair maintains stability above the the resistance of the descending correctional channel, however with a slight downside bias approaching gradually the support of the main ascending channel which coincide with the Fibonacci correction level at 0.8635. An upside move for today is possible, but requires two conditions; a clear breach of 0.8720 and 0.8635 to remain intact.
The trading range for the week may be among the 0.8635 support and 0.8885 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 0.8885 and stop loss below 0.8635 may be appropriate. | ||||
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