Euro vs. Great British Pound (2010-05-21)

No more evidences that the classical double bottom of the daily basis- we explained several times during the past period- proved its efficiency as the pair inclined violently, breaching the neckline areas of 0.8720 as seen on the provided chart. This neckline could be retested before resuming the suggested bullishness over intraday and short term basis towards the scientific technical objectives at 0.8960 areas. We recommend clicking on the (Eye on the pair report) below.

The trading range for today is among the key support at 0.8605 and key resistance now at 0.8960.

The general trend over short term basis is to the upside, targeting 0.9720 as far as areas of 0.8400-0.8380 remain intact.

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Eye on the pair

Support0.87200.87000.86600.86350.8605Resistance0.88100.88300.88650.89050.8960RecommendationBased on the charts and explanations above our opinion is, buying the pair from 0.8720 targeting 0.8865 and stop loss below 0.805 might be appropriate.