Morning Report
The pair maintains stability below the resistance of the main descending channel and remains affected by the bearish rising wedge formation which was completed earlier as shown on chart. Accordingly, we may see continuation of the intraday downside move today supported by the negative pressure from the 50 EMA. Downside targets start at 117.95 and require stability below 120.50.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 119.30 | 119.00 | 117.95 | 117.40 | 116.95 |
| Resistance | 120.00 | 120.60 | 121.05 | 121.75 | 122.25 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 119.30 targeting 117.95 and 116.95 , stop loss with four-hour closing above 120.50 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The trading range for the day is expected among the key support at 98.50 and the key resistance at 101.80.
The short term trend is to the downside as far as 150.00 remains intact with targets at 112.00.
| Support | 100.00 | 99.40 | 98.50 | 97.80 | 97.40 |
| Resistance | 100.75 | 101.00 | 101.80 | 102.65 | 103.35 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with around 100.75 targeting 99.40 and 98.50,stop loss with four-hour closing above 101.80 may be appropriate | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The pair breached the 0.8390 resistance level and printed a daily closing above the level, thus activating the expected bullish scenario, as we were waiting for a breach of the yellow shaded range bound. Targets start at 0.8550; taking into consideration that, we may witness sharp moves today affected by profit taking which my result in a mixed trade that may delay acquiring the suggested scenario.
The trading range for the day is expected among the key support at 0.8295 and the key resistance at 0.8480.
The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.
| Support | 0.8390 | 0.8295 | 0.8250 | 0.8200 | 0.8170 |
| Resistance | 0.8440 | 0.8480 | 0.8550 | 0.8605 | 0.8635 |
| Recommendation | Based on the charts and explanations above we recommend buying above 0.8390 targeting 0.8550 and stop loss with four-hour closing below 0.8295 might be appropriate. | ||||
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