EURO
The Euro versus Dollar pair was able to reach our suggested targets yesterday and was able to breach the minor resistance level to halt inclines near 1.4100. The pair may correct to the downside towards the 38.2% correction at 1.4000 in an attempt to retes1.0645t the level before rebounding back to the upside on the intraday basis to reach the 1.4170 level as an initial target. This incline remains as far as 1.3850 is intact. The trading range for today is among the key support at 1.3655 and the key resistance at 1.4340. The general trend is to the downside as far as 1.4710 remains intact with targets at 1.2120.
Support: 1.4000, 1.3935, 1.3885, 1.3850, 1.3785
Resistance: 1.4105, 1.4170, 1.4235, 1.4265, 1.4340
Recommendation: According to our analysis, buy the pair above 1.4000 with targets at 1.4170 and stop loss with four hour closing below 1.3935
GBP
The Cable inclined strongly yesterday as we expected to reach our suggested target at 1.6470 and near the key resistance at 1.6540. Momentum indicators are showing the pair being overbought with a bearish signal on the stochastic indicator suggesting a possible downside correction before rebounding back to the upside where we still believe the pair is to the incline to reach the 1.6685 critical resistance. This incline remains as far as 1.6290 is intact. The trading range for today is among the key support at 1.5900 and the key resistance at 1.6750. The general trend is to the upside as far as 1.4840 remains intact with targets at 1.7000.
Support: 1.6420, 1.6385, 1.6325, 1.6290, 1.6255
Resistance: 1.6540, 1.6610, 1.6640, 1.6685, 1.6750
Recommendation: According to our analysis, buy the pair above 1.6385 with targets at 1.6540 and stop loss with four hour closnig below 1.2610
JPY
The USD/JPY pair continues to pressure the broken level at 95.55 supported by bullish signs from momentum indicators. We expect the pair to reverse from this level to decline towards the targets at 93.00 as far as 97.15 remains intact on the short term. The trading range for today is among the key support at 93.00 and the key resistance at 98.85. The general trend is to the downside as far as 102.60 remains intact with targets at 84.95 and 82.60
Support: 95.00, 94.65, 93.80, 93.40, 93.00
Resistance: 95.55, 96.35, 97.15, 97.30, 97.65
Recommendation: According to our analysis, sell the pair below 95.55 with targets at 93.80 and stop loss with four hour closing above 96.50
CHF
The Dollar versus Swiss pair was able to breach the key support at 1.0700 as expected yesterday where this breakout may take the pair to 1.0570. Momentum indicators show the pair being oversold which may result in an upside correction to 1.0730 – 1.0760 before reversing back to the downside. This decline remains as far as 1.0700 is intact. The trading range for today is among the key support at 1.0370 and the key resistance at 1.0880. The general trend is to the upside as far as 1.0570 remains intact with targets at 1.2245.
Support: 1.0645, 1.0570, 1.0500, 1.0470, 1.0440
Resistance: 1.0705, 1.0730, 1.0785, 1.0825, 1.0890
Recommendation: According to our analysis, sell the pair below 1.0705 with targets at 1.0570 and stop loss with four hour closnig above 1.0785.
GBP/JPY
The daily candlestick has succeeded to close above the critical areas of 155.86, forming a positive pattern, indicating that the first internal wave of the medium term basis might have bottomed around 154.04 - yesterday's recorded low-. Therefore we speculate that a bullish action is under preparation towards 76.4% - the ideal correction for the pair- at 160.55 zones before resuming the major bearish scenario. Note that RSI 14 is neutral while AROON up -colored in green- has been prevented from additional fall below 30.00. Trading range for today is among key support at 153.60 and key resistance at 162.25.The general trend is to the downside as far as 167.45 remains intact with target at 116.00.
Support: 157.00, 156.25, 155.55, 154.45, 153.60
Resistance: 158.00, 158.70, 159.35, 160.00, 160.55
Recommendation: According to our analysis, buy the pair at 157.30 with targets at 160.00 and stop loss at 155.15.
EUR/JPY
A positive divergence confirmed by a momentum breakout, accompanied by a bullish candlestick structure, revived that the European currency versus Japanese yen has placed a temporary low at 131.40. Now, additional upward movements based on the consecutive closings above 134.15 are highly predicted on the intraday basis, particularly if the pair succeeds to breach 135.25 zones. AROON supports this bullishness. Trading range for today is among key support at 130.10 and key resistance now at 137.40.The general trend is to the downside as far as 141.44 remains intact with targets at 100.00 followed by 88.97 levels.
Support: 134.15, 133.45, 132.80, 132.10, 131.70
Resistance: 135.25, 136.00, 136.70, 137.40, 137.85
Recommendation: According to our analysis, buy the pair at 134.50 with targets at 136.70 and stop loss at 132.60.
EUR/GBP
The royal pair has stopped yesterday's bullishness around the areas which we defined, forming a shooting star candlestick pattern as seen on the secondary image. Hence, we see that this sign may be enough to lead the pair to start the third internal wave of the IM wave, based on the ideal Elliott sequence which we explained before. Only a break of 0.8605 accompanied by a positive closing can make the cycle re-considerable. Trading range is among the key support 0.8400 and key resistance now at 0.8720.The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.
Support: 0.8530, 0.8500, 0.8460, 0.8400, 0.8350
Resistance: 0.8590, 0.8640, 0.8665, 0.8700, 0.8720
Recommendation: According to our analysis, sell the pair at 0.8565 with targets at 0.8470 and stop loss at 0.8650.
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