Euro vs. Great British Pound (2012-02-13)

Weekly Report

SMA 50 stopped the pair's negative momentum again, where the royal pair rebounded to the upside approaching the critical resistance around 0.8420. In general, we still need the pair to breach one of the critical levels in order to confirm the pair's next move. The first level is the main resistance at 0.8420, while a breach of this level should activate our positive scenario, targeting 0.8600. The second level is the support of 0.8310, where a breach of this level should send the pair again inside the descending channel.

The trading range for this week is among the major support at 0.8170 and the major resistance at 0.8600.

The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.

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