Daily Technical Report : December 19, 2014
ICN.com | Dec 19, 2014 04:22AM ET
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The pair continued moving to the downside and is trading around 1.2280, as breaking this level and stabilizing below it extends the downside move in the coming period targeting 1.2200 and 1.2165 and 1.2110, while trading below 1.2300 is negative and support the expectations.
On the other hand, trading within the descending channel showing on graph shows negativity and favors extending the bearish wave, while a break above 1.2400 threatens to fail the suggested expectations.
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The pair is trading in the middle of the sideways range again, and needs to break 1.5585 once more to confirm extending the downside move on the medium term, while breaching 1.5730 halts these negative expectations and pushes the pair to start a bullish correction targeting 1.5965. Therefore, we will monitor the pair at the support 1.5585 and resistance 1.5730 waiting for a clear confirmation signals for the next move.
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The pair is trading to the upside after consolidating on the key support at 117.90, pushing the pair sharply to the upside. The pair breached 119.05, as stabilizing above it favors extending the upside move to targeting 120.00 and 120.80 and 121.70.
Trading above 118.50 is positive and support the suggested positive expectations, while breaking 117.90 fails them.
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The pair is trading around 0.9800 strengthening our previously suggested positive expectations. While stability above 0.9770 confirms the bullish expectations to target 0.9845 again then 0.9900. Trading above 0.9725 is positive and support the expectations, while breaking 0.9685 fails them.
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The pair dropped yesterday due to the continued failure in breaching the resistance 1.1675. Trading below the referred to resistance favors extending the downside move, but confirming this outlook requires breaking Linear Regression Indicator 55 residing at 1.1525.
Generally, we keep our negative expectations based on yesterday's bearish candle, in addition to rebounding from the referred to 1.1675.
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The pair is still trading below 0.8200 strengthening our previously suggested negative expectations. Stability below the referred to level extends the downside move targeting 0.8140 and 0.8100 and 0.8055, as trading below 0.8200 is negaitve and support the bearish expectations now, while a break above 0.8305 fails them.
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The pair is trading to the upside after yesterday's bullish momentum from levels above 261.8% correction around 0.7700. In fact, we still need to confirm extending the bullish wave by breaching 0.7800 then 0.7870. While trading within the sideways range, we think the pair will test around the top of the range.
From the downside, breaking 0.7660 and stabilizing below it fails the positive expectations intraday today.
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