Morning Report
Trading settled around the 38.2% Fibonacci correction for the downside wave that started from 140.00 to 116.82, which we consider a sign that the pair maybe settled for the acquired upside correction and the first target of bullish pattern that was completed lately by the breach of 122.60. A new bearish technical pattern may be developing over hourly basis and shown on the minor image above, this pattern may confirm the downside move if 124.55 is breached. In general, we need a confirmation for the next move, and by monitoring 124.55 and 126.55 levels.
The trading range for the day may be among the 122.60 support and 127.30 resistance.
The short term trend is to the downside targeting 122.00 so long as 150.00 remain intact.
| Support | 125.20 | 124.55 | 123.95 | 123.15 | 122.60 |
| Resistance | 126.00 | 126.55 | 127.00 | 127.35 | 128.05 |
| 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 downside pressure on the pair continues yesterday, to trade below 108.00, accompanied with the continuing negative signals on momentum indicators, the 50 EMA showed a good resistance yesterday, in addition to that, a minor ascending channel over daily basis has appeared and may be a flag continuation pattern, which points toward resuming the main down trend soon, however we need a breach below the support at 105.60 to confirm the bearish move. Overall, we will stay aside today to monitor trading around 105.60 support and 108.90 resistance.
The trading range for the week may be among the 105.40 support and 109.70 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 107.35 | 106.95 | 106.50 | 105.60 | 104.95 |
| Resistance | 108.50 | 108.95 | 109.70 | 110.55 | 111.05 |
| 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 pair declined sharply yesterday to breach the pivotal support levels starting from the 50 EMA and the retest level of the previously breached correctional channel in addition to the support of the main ascending channel, all illustrated on chart. In general, trading remain within the yellow shaded range bound which may be the last chance for the pair to resume the overall bullish trend supported by the 76.4% Fibonacci level which halted two previous downside attempts. In general, we prefer staying aside and monitor trading around the critical and key levels at 0.8525 support and 0.8645 resistance.
The trading range for the week may be among the 0.8525 support and 0.8720 resistance.
The short term trend is to the upside targeting 1.0370 so long as 0.8165 remain intact
| Support | 0.8590 | 0.8525 | 0.8500 | 0.8415 | 0.8400 |
| Resistance | 0.8645 | 0.8685 | 0.8720 | 0.8805 | 0.8845 |
| Recommendation | Based on the charts and explanations above we recommend staying aside awaiting more confirmations for the next move. | ||||
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