Euro vs. Japanese Yen (2011-03-08)

By @ibtimes on

Morning Report

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The negative divergence, which appears on RSI 14 over daily basis, forced the pair to form bearish candlestick structures as seen on the secondary image. In the interim, a daily closing above 115.60 zones will be a huge positive sign since the previous explained mixture of Elliott sequence and the potential head and shoulders bottom pattern will be activated. The contradiction between the aforementioned technical factors still exists and thereby, we prefer staying aside until a clearer sign appears.

The trading range for today is among key support at 113.15 and key resistance now at 116.35.

The general trend over short term basis is to the downside, targeting 97.90 as far as areas of 132.50 remain intact.

Previous Report

Weekly Report

Support114.75114.25113.65113.15112.80Resistance115.40115.75116.00116.35116.75RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move

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