Morning Report
The pair declined sharply yesterday to reach very close to the main awaited target at the descending channel support, however the pair failed to breach last month bottom. Therefore, we should stay aside today, as the pair may be forming a positive double bottom technical pattern. Accordingly, we have to monitor trading around the sensitive levels which will confirm or negate the pattern, the support at 116.95 and resistance at 118.85.
The expected trading range for the day is among the key support at 116.25 and the key resistance at 120.75.
The short term trend is to the downside so far as 150.00 remains intact targeting 112.00.
| Support | 118.00 | 117.35 | 116.90 | 116.25 | 115.40 |
| Resistance | 118.85 | 119.40 | 120.40 | 120.80 | 121.30 |
| 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 pair found good support at the previously breached 23.6% Fibonacci level and rebounded to settle above the 50% level and open the door towards forming a bullish technical pattern that has a neckline at the 50% aforementioned level. Therefore, the chances are we may see more upside correction that may extend to acquire the upside targets for the aforementioned pattern at 104.90. On the other hand, Stochastic is clearly negative and may pressure the pair to resume the overall downside trend. Accordingly, we recommend staying aside to monitor the daily closing around 101.70 and 103.30 levels.
The expected trading range for the day is among the key support at 99.40 and the key resistance at 102.80.
The short term trend is to the upside so far as 123.30 remains intact targeting 94.80.
| Support | 102.80 | 102.30 | 101.70 | 100.90 | 100.00 |
| Resistance | 103.30 | 103.90 | 104.40 | 105.10 | 105.75 |
| 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
Having a wider view of the daily charts, we observe that the pair goes back to trade within the main ascending channel, however the effect of the downside correctional channel is still controlling the pair's movement, where it's still trading below the resistance of the channel at 0.8760. Accordingly, the key levels are the 0.8760 resistance as breaching it will signal the resumption of the main upside move, on the other hand, breaching 0.8615 will open the door towards 0.0420.
The expected trading range for the day is among the key support at 0.8445 and the key resistance at 0.8725.
The short term trend is to the upside so far as 0.8165 remains intact targeting 1.0370.
| Support | 0.8615 | 0.8530 | 0.8500 | 0.8445 | 0.8400 |
| Resistance | 0.8725 | 0.8760 | 0.8845 | 0.8885 | 0.8925 |
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
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