Euro Technical Major Currencies (2011-09-01)

By @ibtimes on

Morning Report

The decline seen yesterday, led the pair to breach the ascending channel's main support, which lifted the pair from (D) point of the Bat pattern reaching the first extended target at 127.2% of the CD leg of the harmonic structure. Furthermore, the pair trades today around 78.6% Fibonacciretracement of the CD leg at 1.4365; however the pair didn't stabilize below this level. Stochastic attempts to provide positive crossover, but ADX confirms that a breach of the ascending main support suggests a downside movement. Therefore, we remain neutral today, awaiting more confirmations regarding the bullish Bat pattern's effect.

The trading range for today is among the major support at 1.4255 and the major resistance at 1.4565

The short-term trend is to the upside with steady daily closing above 1.2795 targeting 1.5135.

Previous Report

Weekly ReportSupport1.43651.43201.43001.42051.4255Resistance1.44101.44551.44901.45351.4565RecommendationBased on the charts and explanations above we remain neutral awaiting more confirmations

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