Morning Report
The pair found good support at 121.00 which prevented it from acquiring further downside targets, where trading goes back and fluctuate around the resistance of the main descending channel and price is trading outside the channel at the moment, and this is may be a potential upside turning point, where a possible bullish technical pattern may be in progress as shown on image. However, breaching the channel was through a range trading stance, thus we prefer being neutral for now and monitor trading within the upcoming short period specifically around the neckline of the suggested bullish pattern at 122.60 and the resistance of the descending channel at 121.55.
The trading range for the day may be among the 120.35 support and 124.00 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.55 | 121.00 | 120.35 | 119.75 | 119.10 |
| Resistance | 122.60 | 123.35 | 124.00 | 124.65 | 125.30 |
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The narrow range continues to dominate, where trading settles over daily closing basis below the resistance of the descending channel thus supporting our outlook for an intraday downside move for today, targeting mainly 104.95 followed by 103.15, while a breach above 106.00 will invalidate the scenario.
The trading range for the day 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 | 106.00 | 106.50 | 106.95 | 107.60 | 107.90 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 106.00 targeting 104.00 and stop loss above 106.95 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair continues to trade negatively approaching the 61.8% Fibonacci correction level which coincide with the support of the main ascending channel at 0.8635. Stochastic is providing positive signals over daily basis, thus we anticipate a bullish reversal that follows a test of aforementioned level to resume the intraday bullish move. Steady daily closing above 0.8635 is required for these expectations to remain possible.
The trading range for the day 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 | 0.8635 | 0.8590 | 0.8530 | 0.8500 | 0.8415 |
| Resistance | 0.8685 | 0.8720 | 0.8805 | 0.8845 | 0.8910 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8635 targeting 0.8805 and stop loss below 0.8530 may 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