EUR/GBP: Reverse Off The 0.8892 Level

By IBTimes Staff Reporter | March 26 2010 9:50 AM

EURGBP - As highlighted in our analysis of the ability of its long term rising trendline to provide support on initial test, well that occurred on Thursday and eventually drove the cross higher. The challenge now is whether EURGBP can push higher through its two key resistance levels located at the 0.,9044 level, its Mar 22'10 high and its 2010 high at 0.9148. If that materializes, the cross will target the 0.9200 level, its psycho level and then the 0.9239 level, its Oct 26'10 high. However, while it holds below the 0.9044 and 0.9148 levels, there is risk for it to decline towards its LT rising trendline presently at 0.8898 where a break will drive it lower towards its Feb 23'10 low at 0.8748 and then the 0.8656 level, its Feb 12'10 high.

Sponsorship Link

width=400