Euro vs. Great British Pound (2009-12-22)

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Morning Report

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The royal pair is inclining slowly; forming a bullish candlestick formation on the four-hour chart, which is assisting it to attack the pivotal resistance level of 0.8925. Our previous explained ideal [BAT] pattern is stillin progress.Therefore, we keep our overview to the upside on the intraday basis.

The trading range is among the key support at 0.8690 and key resistance now at 0.9070.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

 

Support
0.8890
0.8865
0.8820
0.8790
0.8760

 

Resistance
0.8925
0.8960
0.9000
0.9030
0.9070

 

Recommendation
Based on the charts and explanations above our opinion is, buying the pair from 0.8895 targeting 0.9000 and stop loss below 0.8820 might be appropriate.

 

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