Morning Report
The pair rebounded to close yesterday above the retest level at 120.80 thus delaying the the invalidation of the bullish technical pattern. In general, we will count on the descending resistance of the main descending channel to anticipate a downside move for today, however we need to see a four-hour closing below 120.80 and steady trading below 121.95 to confirm the move.
The trading range for today may be among the 118.10 support and 123.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 120.80 | 120.40 | 120.00 | 119.10 | 118.75 |
| Resistance | 121.95 | 122.40 | 123.35 | 124.00 | 124.65 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 120.80 targeting 118.10 and stop loss above 121.95 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair is fluctuating around the 50 EMA since yesterday, where it found support near the retest level at 104.95. A possible bearish technical pattern may be underdevelopment, with a neckline at 105.10, breaching this level will open the door toward more upside potential over intraday basis, targeting 104.00 and 103.15. Steady trading below 106.70 is required for our expectations to remain valid.
The trading range for today may be among the 113.95 support and 107.60 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 105.45 | 105.10 | 103.95 | 103.10 | 102.65 |
| Resistance | 106.70 | 107.60 | 107.90 | 108.85 | 109.60 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach below 105.10 targeting 103.15 and stop loss above 106.10 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair touched the awaited level around 0.8725 yesterday and rebounded to settle above the resistance of the descending correctional channel as shown on the image. Trading is confined among a symmetrical continuation triangle, thus supporting our expectations for intraday bullishness for today targeting initially 0.8885-0.8915. Steady trading above the aforementioned support level is required for our expectations to remain valid.
The trading range for today 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 | 0.8725 | 0.8670 | 0.8615 | 0.8590 | 0.8530 |
| Resistance | 0.8805 | 0.8845 | 0.8885 | 0.8925 | 0.9000 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8725 targeting 0.8885 and stop loss below 0.8615 may be appropriate. | ||||
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