Morning Report
The pair continued moving within a very tight range since yesterday, stabilizing below the sloping resistance of the descending channel at 120.15. Thus, we hold onto our bearish anticipations over intraday basis while a sustained breakout below 119.30 will activate this bearishness. Finally, areas of 120.15 should hold with a daily closing below it to keep this scenario valid.
The trading range for the day is expected among the key support at 116.95 and the key resistance at 121.35.
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 | 120.15 | 120.65 | 121.35 | 121.75 | 122.25 |
| Recommendation | Based on the charts and explanations above we recommend selling the pair with a four-hour closing below 119.30 targeting 117.95 and 116.95 and stop loss with four-hour closing above 120.15 may be appropriate. | ||||
Euro vs. Japanese Yen (EUR / JPY)
Morning Report
The pair continued moving bearishly yesterday hovering around the support line of the previous detected falling wedge pattern at 99.05. Momentum indicators continued giving off positive signs on four-hour time scale and that may push the pair upwards to complete the pattern. We are still in need for a clear breakout above 100.45 or below 99.05 to confirm the next direction. The potential targets were discussed in details in our yesterday's reports.
The trading range for the day is expected among the key support at 97.40 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 | 99.05 | 98.50 | 97.80 | 97.40 | 97.00 |
| Resistance | 100.00 | 100.45 | 101.00 | 101.80 | 102.65 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with a breakout above 100.45 targeting 102.50,stop loss with four-hour closing below 99.85 or selling the pair with a breakout below 99.05 targeting 97.80 and 97.00, stop loss above 99.85 may be appropriate. | ||||
Euro vs. Great British Pound (EUR / GBP)
Morning Report
The negativity has dominated the movements of the royal pair yesterday where it started to stabilize around the critical support level of 0.8270 without achieving a daily closing below it. Over daily studied, we can notice clear oversold signs forcing us to wait for a breakout below or above one of sideways edges shaded on the chart. Those critical edges reside at 0.8270 and 0.8395 and the price behaviors around them will define the upcoming big move.
The trading range for the day is expected among the key support at 0.8170 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 | 0.8270 | 0.8250 | 0.8200 | 0.8170 | 0.8100 |
| Resistance | 0.8300 | 0.8395 | 0.8440 | 0.8480 | 0.8550 |
| Recommendation | Based on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8395 targeting 0.8550 and 0.8635 ,stop loss with four-hour closing below 0.8395 or selling the pair with a four-hour closing below 0.8275 targeting 0.8170 and 0.8100, stop loss with a four-hour closing above 0.8395 may be appropriate. | ||||
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