Euro vs. Great British Pound (2009-12-28)

By IBTimes Staff Reporter | December 28 2009 1:01 AM

Morning Report

Sponsorship Link

The royal pair is moving steadily upwards, influenced by the positive effect obtained from our previous explained ideal [BAT] pattern. Presently, we think that slight descending actions are needed to relieve the momentum indicators, followed by resuming themajor upside direction over intraday basis;targeting 0.9160 zones.

The trading range is among the key support at 0.8760 and key resistance now at 0.9205.

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.

Support0.90000.89650.89300.89050.8885Resistance0.90300.90700.91150.91450.9175RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8980 targeting 0.9095 and stop loss below 0.8885 might be appropriate.