Morning Report
The pair dropped sharply to complete a rising wedge pattern shown on image above. The pattern suggests further downside pressure , where trading and daily closing back below the resistance of the main descending channel supports the downside bias. Expected targets start at 119.30 and 117.95 and require stability below 121.05
The trading range for the day 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 | 120.60 | 121.05 | 121.75 | 122.25 | 122.60 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair around 120.60 targeting 119.30 and 117.95 and stop loss with four-hour closing above 121.05 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair managed to acquire the awaited target at 100.00 after breaching the continuation flag pattern we mentioned in our previous reports. Currently, we expect fluctuations among 100.00 and 100.75 before resuming the downside move, as the complete targets for the breached pattern are not reached yet.
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 royal pair is still stuck within the yellow shaded range, while momentum indicators are providing conflicting signals, as Stochastic is negative, while RSI is positive. In general, we continue to anticipate a breach of the main levels we mentioned previously, where breaching 0.8295 support will bring additional weakness towards 0.8200 and 0.8100, while breaching 0.8390 resistance may push it higher towards 0.8550.
The trading range for the day is expected among the key support at 0.8200 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 | 0.8295 | 0.8250 | 0.8200 | 0.8170 | 0.8100 |
| Resistance | 0.8390 | 0.8440 | 0.8480 | 0.8550 | 0.8605 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8295 targeting 0.8200 and 0.8100 ,stop loss with four-hour closing above 0.8390 may be appropriate | ||||
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