Morning Report
The pair breached the sideways range support at 121.00 and yesterday’s closing was below those areas. This move activates the intraday bearishness expected for today supported by the negative pressure from MA 50; targets start at 119.30 and breaching this level will accelerate the downside move towards 116.80.
The trading range for today is expected among the key support at 117.95 and the key resistance at 122.25.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 120.70 | 120.00 | 119.30 | 119.00 | 117.95 |
| Resistance | 121.00 | 121.50 | 122.25 | 122.60 | 123.15 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 121.00 targeting 119.30 and stop loss above 122.25 might be appropriate | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair acquired the full target of the bearish formation previously completed with the breach of the support shown in red above. This led the pair to trade below the support for the minor descending channel that organized trading from the top of the mentioned pattern. Therefore, we expect the pair to resume the intraday bearishness today yet will be preceded by a retest to the breached support that turned into resistance at 102.05 where a breach of which will delay the bearish targets that start from 100.00 areas.
The trading range for today is expected among the key support at 100.00 and the key resistance at 102.45.
The short term trend is to the downside as far as 123.30 remains intact with targets at 94.80.
**GMT +2 Chart timescale and candle closing**
| Support | 101.65 | 101.00 | 100.00 | 99.40 | 98.50 |
| Resistance | 102.05 | 102.45 | 1003.00 | 103.80 | 104.25 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 102.05 targeting 100.00 and stop loss with four-hour closing above 102.45 might be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair resumed the downside move yesterday reaching 0.8400 areas where it found good support to temporarily end the bearishness. In general, the breach of 0.8225 in addition to the downside pressure from the MA 50 support our expectations for an intraday downside move today while the positivity on Stochastic might cause some volatility and a slightly upside correctional bias.
The trading range for today is expected among the key support at 0.8325 and the key resistance at 0.8480.
The short term trend is to the upside as far as 0.8480 remains intact with targets at 1.0370.
| Support | 0.8415 | 0.8385 | 0.8355 | 0.8325 | 0.8280 |
| Resistance | 0.8480 | 0.8525 | 0.8605 | 0.8635 | 0.8680 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 0.8480 targeting 0.8355 and stop loss with four-hour closing above 0.8525 might be appropriate | ||||
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