Euro vs. Great British Pound (2010-07-28)

Despite the positive overview over weekly charts of the bullish harmonic butterfly pattern, but the consecutive fluctuation between the key support level of 0.8330 and 0.8420 zones since the opening of this week argues that we are in a definite need for a decisive breakout, accompanied by daily closing above 0.8380-0.8420 zones. Thus,our outlook will be neutral over intraday basis until a clearer signs appears to pinpoint the direction.

The trading range for today is among the key support at 0.8205 and key resistance now at 0.8500.

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

Support0.83150.82950.82550.82050.8180Resistance0.83800.84000.84200.84700.8500RecommendationBased on the charts and explanations above our opinion is, staying aside and following the coming reports.