Morning Report
The pair maintained stability below the support for the sideways range –previously breached- at 121.00 while Stochastic is still trending downwards while entering oversold areas which will keep the volatility around the breach support for some time. In general, we hold onto our expectations for a bearish intraday move today supported by the MA 50 targeting 119.30 then 117.95.
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 | 120.00 | 119.30 | 119.00 | 117.95 | 117.40 |
| Resistance | 120.70 | 121.00 | 121.50 | 122.25 | 122.60 |
| 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 continued to trade within a tight range and steady below the descending channel support shown above, where this tight range trading is gradually unloading the upside momentum on Stochastic. In general, we still see chances for further intraday bearishness today depending on the breach of the mentioned support and targeting initially 100.00 psychological areas. Note that a breach of 101.80 will delay the awaited downside move.
The trading range for today is expected among the key support at 99.40 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.
| Support | 101.00 | 100.00 | 99.40 | 98.50 | 98.00 |
| Resistance | 101.80 | 102.45 | 103.00 | 103.80 | 104.25 |
| Recommendation | Based on the charts and explanations above our opinion is selling the pair around 101.80 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 approached the full 100% correction show above and rebounded to the upside with the start of the day signaling the likelihood for a slight upside correction targeting the support for the descending channel at 0.8325. The breach of 0.8325 will accelerate the current downside wave while a breach of 0.8525 will negate the move.
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 | 0.8385 | 0.8355 | 0.8325 | 0.8280 | 0.8250 |
| Resistance | 0.8415 | 0.8480 | 0.8525 | 0.8605 | 0.8635 |
| 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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