Euro vs. Great British Pound (2010-02-18)

By IBTimes Staff Reporter | February 18 2010 1:02 AM

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In addition to our suggested Elliott count of the daily basis, the royal pair succeeded in achieving the bearish classical pattern which is appearing on the four-hour interval. Thus, we believe that the pair might re-test the broken support areas of the pattern, followed by resuming the potential bearishness over intraday basis.

The trading range is among the key support at 0.8530 and key resistance now at 0.8820.

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.

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Support0.86550.86100.85850.85450.8530Resistance0.86800.87000.87200.87400.8800RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.8690 targeting 0.08585 and stop loss above 0.8760 might be appropriate.