Midday Report
The pair inclined affected by the suggested bullish Crab harmonic pattern, and we expect the upside movement to extend, especially if the pair breaches the level of 1.3825 and consolidates above it, where this level represents 127.2% Fibonacci correction of the CD leg of the mentioned Crab pattern. This awaited breach could trigger a rebound towards 161.8% Fibonacci correction of the mentioned CD leg. A breach of 1.3680 is sufficient to negate the bullish wave.
The trading range for today is among the major support at 1.3565 and the major resistance at 1.3970.
The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.
| Support | 1.3750 | 1.3710 | 1.3680 | 1.3665 | 1.3610 |
| Resistance | 1.3825 | 1.3840 | 1.3880 | 1.3910 | 1.3970 |
| Recommendation | Our morning expectations remain valid, but in case the pair reached our stop loss point, we recommend selling the pair around 1.3680 and take profit in stages at (1.3620 and 1.3565) and stop loss with 4-hour closing above 1.3750 might be appropriate. | ||||
Great British Pound (GBP)
Midday Report
Despite being trapped within a narrow range since morning, but the struggle continued around the pivotal resistance of 1.5780 as seen on our provided chart. We still see chances for bearish actions due to the bearish harmonic AB=CD pattern over four-hour time scale but, we recommend staying aside until we see if the pair will close today -weekly closing- above or below B point of the bigger harmonic duplicated pattern. Of note, a break of 1.5690 will be a negative indication.
The trading range for today is among key support at 1.5445 and key resistance at 1.5935.
The general trend over short term basis is to the downside targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5720 | 1.5690 | 1.5630 | 1.5555 | 1.5515 |
| Resistance | 1.5780 | 1.5820 | 1.5880 | 1.5935 | 1.6000 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until we see how the pair will behave around the pivotal resistance areas of our suggested pattern. | ||||
Japanese Yen (JPY)
Midday Report
SMA 20 started to carry the upside movements as well, pushing the pair higher where it is currently hitting 76.4% Fibonacci retracement of CD leg for the bullish harmonic AB=CD pattern. A break of 77.20 will confirm clearing 88.6% Fibonacci level and the southern trip of the reaching extended technical targets of the harmonic structure will be resumed. Anyway, we keep our positive scenario intact for the rest of the day as far as 75.80 plays the role of a floor for the bullishness.
The trading range for today is among key support at 75.80 and key resistance now at 78.45.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 76.40 remain intact.
| Support | 76.55 | 76.40 | 76.10 | 75.80 | 75.60 |
| Resistance | 77.20 | 77.60 | 77.90 | 78.30 | 78.45 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair above 77.20 targeting 79.10 and stop loss below 75.80 might be appropriate. | ||||
Swiss Franc (CHF)
Midday Report
The pair attempts to breach 23.6% Fibonacci correction of the CD leg of the bearish Butterfly harmonic pattern at 0.8930. A breach of this level could trigger more downside movement. Therefore, our morning expectations remain as they are.
The trading range for today is among the major support at 0.8695 and the major resistance at 0.9235.
The short-term trend is to the upside with steady weekly closing above 0.8020 targeting 0.9400.
| Support | 0.8920 | 0.8850 | 0.8835 | 0.8780 | 0.8750 |
| Resistance | 0.9030 | 0.9080 | 0.9105 | 0.9185 | 0.9230 |
| Recommendation | Based on the chart and explanations above, we recommend selling the pair around 0.9030, and take profit at 0.8695 and stop loss with 4-hour closing above 0.9105 might be appropriate today | ||||
Canadian Dollar (CAD)
Midday Report
The pair returned to trade bearishly, where currently the pair is providing another attempt to breach and consolidate below the bottom of point (C) at 1.0140. The downside movement could extend in case the awaited breach was seen. Consolidation below 1.0250, which represents 78.6% Fibonacci correction of the CD leg of the bearish AB=CD harmonic pattern is necessary for our negative expectations to prevail.
The trading range for today is among the major support at 1.0005 and the major resistance at 1.0450.
The short-term trend is to the downside as far as 1.0665 remains intact targeting 0.9000.
| Support | 1.0140 | 1.0125 | 1.0085 | 1.0005 | 0.9970 |
| Resistance | 1.0205 | 1.0255 | 1.0305 | 1.0340 | 1.0375 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 1.0255, and take profit in stages at (1.0125 and 1.0005) and stop loss above 1.0305 might be appropriate today. | ||||
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