Morning Report
The pair settles today within a narrow range after yesterday's decline, where the daily closing was below 125.00. The 38.2 Fibonacci correction ability to halt the latest upside attempts for the pair in addition to yesterday' closing below 125.00 support a downside move for today, Stochastic is gradually loosing its positivity. The main target resides at 122.60, while a breach above 125.65 may push the pair to resume the bullish trend.
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 | 124.55 | 123.95 | 123.15 | 122.60 | 122.00 |
| Resistance | 125.00 | 125.65 | 126.00 | 126.55 | 127.00 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with a breach below 124.55 targeting 122.60 and stop loss above 125.70 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair continues to trade within the minor ascending channel as shown on the image, while Stochastic continues to pressure the pair negatively; therefore, we expect a downside move for today counting on the continuation flag pattern -the aforementioned minor channel- which we need a breach of 105.80 support to confirm this pattern. Breaching 107.65 may delay acquiring the suggested decline.
The trading range for the day may be among the 105.40 support and 109.00 resistance.
The short term trend is to the downside targeting 94.80 so long as 123.30 remain intact.
| Support | 106.95 | 106.50 | 105.80 | 104.95 | 104.25 |
| Resistance | 107.65 | 108.40 | 109.00 | 109.70 | 110.55 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair around 107.65 targeting 105.80 and stop loss above 108.40 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair continues to trade negatively to settle below the main ascending channel shown on the image, while trading remain within the yellow shaded range bound. The support of the range coincide with 76.4% Fibonacci at 0.8525, which we think will be a level that will push the pair towards a retest of the previously breached support which turns now into resistance at 0.8645. In general, an intraday upside move is likely, where we should monitor trading carefully around 0.8645 and 0.8525.
The trading range for the day 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 | 0.8525 | 0.8500 | 0.8460 | 0.8415 | 0.8400 |
| Resistance | 0.8590 | 0.8645 | 0.8685 | 0.8720 | 0.8805 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 0.8525 targeting 0.8645 and stop loss below 0.8460 may be appropriate. | ||||
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