Morning Report
The pair reversed to the downside after touching the resistance of the main descending channel as shown on image and touched the retest level at the previously breached neckline for the bullish technical pattern at 120.80, reversing from the aforementioned resistance signals that the pair is attempting to resume the overall bearish trend, but on the other hand positivity on Stochastic and the 50 EMA are supporting the mentioned retest level. Therefore, we recommend staying aside for now and monitor trading around the sensitive levels at 120.80 support and 122.30 resistance.
The trading range for the day may be among the 119.75 support and 123.35 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 121.30 | 120.80 | 120.35 | 120.00 | 119.75 |
| Resistance | 121.80 | 122.30 | 123.35 | 124.00 | 124.65 |
| 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 pair declined affected by the negativity on momentum indicators, to flcutuate around the 50 EMA approaching again the previously breached pivotal resistance at 104.95. Although Stochastic is positive and the 50 EMA is supporting the pair, there is a possible bearish technical pattern that may complete by breaching 105.10-105.05. Therefore, we are facing conflicting technical signals that push us to stay aside and monitor trading around the aformentioned support and the 106.55 resistance.
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 | 104.95 | 104.00 | 103.15 | 102.65 | 102.10 |
| Resistance | 106.55 | 107.00 | 107.60 | 107.90 | 108.85 |
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The negative bias was a result of the strong resistance from the 38.2% Fibonacci level, and currently the pair is attempting to breach the 50% level and trade back within the correctional bearish channel, this negativity is clearly seen on Stochastic; therefore, we might witness some intraday bearishness for a possible test of the main support at 0.8625, at that point we will assess the possible next move. Breaching 0.8725 and settling above it will open the door for the pair to resume the overall bullish trend.
The trading range for the day may be among the 0.8625 support and 0.8885 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact.
| Support | 0.8670 | 0.8625 | 0.8590 | 0.8530 | 0.8500 |
| Resistance | 0.8725 | 0.8805 | 0.8845 | 0.8900 | 0.8925 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 0.8725 targeting 0.8625 and stop loss with hourly closing above 0.8760 may be appropriate | ||||
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