Euro vs. Great British Pound (2009-12-31)

By @ibtimes on

Morning Report

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The pair declined yesterday after being resisted around the key resistance levels between 0.9030 and 0.9070. According to the suggested daily count, we think that it's presently forming the internal correction wave before heading upwards to resume the expected [IM] construction. As far as 0.8820 areas are unbroken we will keep our outlook to the upside.

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.

Support0.89300.89050.88650.88200.8790Resistance0.89650.90000.90300.90700.9115RecommendationBased on the charts and explanations above our opinion is, buying the pair above 0.8965 targeting 0.9070 and stop loss below 0.8880 might be appropriate.

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