Euro vs. Great British Pound (2010-02-19)

By IBTimes Staff Reporter | February 19 2010 12:51 AM

Morning Report

Sponsorship Link

The provided four-hour chart shows how the royal pair succeeded in building a solid technical base around 0.8655, where we believe that a potential double bottom formation has been constructed. Therefore the bullishness might be in favor over intraday basis as far as 0.8555 kept intact.

The trading range is among the key support at 0.8545 and key resistance now at 0.8865.

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.

Weekly Report Previous Report

Support0.87200.87000.86850.86550.8610Resistance0.87600.88000.88200.88400.8865RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8740 targeting 0.08820 and stop loss below 0.8680 might be appropriate.