Euro vs. Great British Pound (2010-06-09)

The secondary four-hour chart shows that the pair was trapped within a very narrow range during the Asian session. The pivotal resistance areas between 0.8330 and 0.8355 forced the pair to move downwards, since the bigger picture of the suggested Elliott count over weekly charts is still pressuring the pair negatively. Thus,the bearishness might dominate the movements over intraday basis.

The trading range for today is among the key support at 0.8140 and key resistance now at 0.8400.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.

Weekly Report Previous Report

Support0.82450.82100.81800.81400.8100Resistance0.83050.83450.83800.84000.8420RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8280 levels targeting 0.8160 and stop loss above 0.8355 might be appropriate.