Morning Report
The choppy price behaviors are still seen on different time frames for the EUR/USD pair. Moving to the four-hour chart, we will see a recent violent recovery above SMA 50 following the previous four-hour aggressive downside move. But actually, we are witnessing a second technical retest for the previous broken uptrend line that carried the movements from 1.2625 zones while RSI 14 approaches overbought areas. The contrarian between stability above moving averages and stability below the trend line forces us to stay aside today.
Notes:
- A break of 1.3320 will be a positive indication for short term traders.
- The gap seen with the opening remains uncovered.
The trading range for today is among key support at 1.3070 and key resistance at 1.3455.
The general trend over short term basis is to the downside, targeting 1.1865 as far as areas of 1.3550 areas remain intact.
| Support | 1.3230 | 1.3200 | 1.3170 | 1.3140 | 1.3110 |
| Resistance | 1.3295 | 1.3320 | 1.3370 | 1.3390 | 1.3415 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Great British Pound (GBP)
Morning Report
Cable remains trapped within a very tight range since the opening of the week; whilst the resistance areas between 1.5890 and 1.5925 continue proving its solidity. Stochastic started to warn of lackluster behind bullish momentum seen during the previous three days. Anyway, we will remain neutral over intraday basis; noting that a break above 1.5925-1.5935 with a daily closing will be a bullish signal while taking 1.5785 will bring the bearish picture back into focus.
The trading range for today is among key support at 1.5680 and key resistance at 1.6075.
The general trend over short term basis is to the downside, targeting 1.4225 as far as areas of 1.6875 areas remain intact.
| Support | 1.5820 | 1.5785 | 1.5730 | 1.5680 | 1.5630 |
| Resistance | 1.5880 | 1.5925 | 1.5975 | 1.6000 | 1.6025 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Japanese Yen (JPY)
Morning Report
Over daily studies, RSI 14 is valued at 79.00 for the first time since April, 2011 and this technical factor should be put into our consideration as it may bring a huge volatility. But, surpassing 79.55 zones comfortably and the clear positive sign appearing on Vortex-trend indicator- are reasons that argue us to hold onto our bullish scenario supported by the bigger classical picture of the weekly studies-check the weekly report-. Technical targets for the strong upside trend started at 76.00 zones reside at 81.20 followed by 82.50 areas.
The trading range for today is among key support at 78.60 and key resistance now at 81.00.
The general trend over short term basis is to the upside, targeting 87.45 as far as areas of 75.20 remain intact.
| Support | 79.35 | 79.15 | 78.90 | 78.60 | 78.30 |
| Resistance | 80.00 | 80.20 | 80.50 | 80.75 | 81.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying the pair around 79.35 targeting 81.20 and stop loss below 78.30 might be appropriate. | ||||
Swiss Franc (CHF)
Morning Report
The pair has moved slightly to the downside affected by the negativity appearing on momentum indicators, while the lower line of Keltner channel continued supporting it. The bearish gap occurred with the opening of the week remains unfilled and we still can't define its sort. Thus, we hold onto our neutral stance over intraday basis; noting that a daily closing below the pivotal support of 0.9030 will bring additional downside movements.
The trading range for today is among key support at 0.8965 and key resistance at 0.9310.
The general trend over short term basis is to the upside, targeting 0.9950 as far as areas of 0.8850 areas remain intact.
| Support | 0.9080 | 0.9030 | 0.9000 | 0.8985 | 0.8965 |
| Resistance | 0.9145 | 0.9175 | 0.9210 | 0.9230 | 0.9260 |
| Recommendation | Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself to pinpoint the upcoming big move. | ||||
Canadian Dollar (CAD)
Morning Report
The pair inclined to fill the bearish gap and test the breached ascending support to reverse again, trading continues to be narrow and slow however with a downside bias, after settling below the 200-days SMA. Therefore, we continue to expect a test of the next pivotal low at 0.9890. Steady trading below 0.9985-1.0000 is required for the intraday downside bias to remain dominant.
The trading range for the day is expected among the key support at 0.9850 and the key resistance at 1.0000.
The short term trend is to the upside targeting 1.0650 with steady daily closing above 0.9900.
| Support | 0.9890 | 0.9870 | 0.9850 | 0.9820 | 0.9800 |
| Resistance | 0.9930 | 0.9980 | 1.0020 | 1.0050 | 1.0080 |
| Recommendation | Based on the charts and explanations above, we recommend selling the pair around 0.9950 targeting 0.9890 and 0.9850, stop loss above 1.0000. | ||||
To ensure you receive such e-mails in the future, please add ecPulse.com to your list of approved senders.
No comments:
Post a Comment