ftu_060110_eurgbp

  • Weekly and Daily: In the daily, we see that the RSI-reversal-suggested target of 0.8350 has been hit with a strong declining candle. This suggests the market may reach the next target, which is at 0.82. This is a pattern breakout projection in the daily.
  • The RSI shows very bearish momentum.
  • In the weekly, the projection of 0.8200 is a previous resistance level, but the central pivot area in latter 2008 is at 0.80.
  • Therefore although 0.8200 may offer some support, true support lies somewhere near the 0.80 area.

Fan Yang  Currency Analyst Commodity Trading Advisor