EUR/USD - European Session:
The pair moved to the upside trading above 88.6% correction of the suggested CD Leg of the bearish harmonic Bat Pattern that isn’t confirmed yet. Stability above the referred to level at 1.3775 weakens the harmonic formation without canceling till now. In fact, the pair has to trade again below 1.3775 to prove the negative harmonic formation again; as we prefer to remain intraday neutral in the European session report since the pair is currently above the referred to level.
Support: 1.3775, 1.3745, 1.3705, 1.3660, 1.3600
Resistance: 1.3800, 1.3835, 1.3885, 1.3910, 1.3950
Recommendation: Based on the above, we prefer to remain neutral in our European session report
GBP/USD - European Session:
The pair dropped breaking key support level of the ascending channel as showing on graph. Breaking 1.6365 forces us to think that the downside move might extend towards 23.6% correction at 1.6315, which breaking it will extend the bearish correctional wave towards 38.2% correction represented in 1.6320. Trading again above 1.6410 fails the suggested bearish wave.
Support: 1.6330, 1.6305, 1.6260, 1.6230, 1.6200
Resistance: 1.6365, 1.6410, 1.6475, 1.6515, 1.6550
Recommendation: Based on the above, sell the pair below 1.6365 targeting 1.6315, 1.6260 and 1.6230, stop-loss above 1.6410
USD/JPY - European Session:
The pair dropped breaking key support level of the ascending channel as showing on graph. Breaking 1.6365 forces us to think that the downside move might extend towards 23.6% correction at 1.6315, which breaking it will extend the bearish correctional wave towards 38.2% correction represented in 1.6320. Trading again above 1.6410 fails the suggested bearish wave.
Support: 1.6330, 1.6305, 1.6260, 1.6230, 1.6200
Resistance: 1.6365, 1.6410, 1.6475, 1.6515, 1.6550
Recommendation: Based on the above, sell the pair below 1.6365 targeting 1.6315, 1.6260 and 1.6230, stop-loss above 1.6410
EUR/JPY - European Session:
The pair remains stable above 141.25 and after the breakout attempts and approaching 38.2% correction for the upside wave on graph we expect the upside move to continue over intraday and short term basis. Our upside targets reside at 143.55. Stability above 140.40 is required to maintain the upside wave.
**Trading range expected today is between the key support at 140.40 and key resistance 143.00
Support: 141.25, 140.75, 140.40, 139.85, 139.30
Resistance: 142.10, 142.75, 143.00, 143.55, 144.00
Recommendation: Based on the above, buy the pair above 141.25 targeting 142.75 and stop-loss below 140.25
GOLD - European Session:
Gold retraced slightly yesterday, but trading was within a very tight range above 1250.00 support area, accordingly, we still see further upside as breaking above 1250.00 indicates further correctional upside.
Notes:
** Chart is based on GMT+2 timing
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
Support: 1250.00, 1243.00, 1235.00, 1230.00, 1220.00
Resistance: 1258.00, 1268.00, 1275.00, 1280.00, 1290.00
Recommendation: Long above 1250.00, targets at 1258.00,1268.00 and 1275.00. Stop loss below 1238.00
SILVER - European Session:
Silver traded in a narrow range yesterday, below the main resistance at 20.50 areas, a break above this resistance may signal further correctional movement and extend the upside. However, we still need further confirmation for the next potential move.
Notes:
** Chart is based on GMT+2 timing
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
Support: 20.25, 20.00, 19.75, 19.55, 19.15
Resistance: 20.50, 20.60, 21.00, 21.25, 21.50
Recommendation: Awaiting Confirmation
Crude OIL - European Session:
http://www.fxnet.com/media/documents/crudeoil-technical-analysis-12dec2013.png
WTI Crude Oil retreated yesterday, after testing the main resistance area and the 200-days SMA near 99.00 mark, we still see further correctional bias possibly for a retest of 95.50 support level. Only a break above 99.00 would negate this scenario and extend the upside.
Notes:
** Chart is based on GMT+2 timing
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
Support: 97.40, 97.00, 96.65, 96.00, 95.50
Resistance: 97.85, 98.20, 98.80, 99.50, 100.00
Recommendation: Short below 98.05, targets at 97.40 and 96.30. Stop loss above 99.00