Euro vs. Great British Pound (2010-07-13)

The positive divergence, which appeared on OsMA indicator of the four-hour chart assisted the pair to move upwards once more, attacking the previous discussed key resistance levels of 0.8380 as seen on the provided chart. From here, we keep ourproposed bullish scenario over intraday basis, supported by the bullish harmonic butterfly pattern of the weekly basis.

The trading range for today is among the key support at 0.8260 and key resistance now at 0.8550.

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

Support0.83550.83300.82950.82550.8205Resistance0.84000.84200.84600.85000.8550RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8370 targeting 0.8500 and stop loss below 0.8280 might be appropriate.