Euro vs. Great British Pound (2010-12-03)

By @ibtimes on

Midday Report

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In addition to the suggested Elliott count, which we explained in details earlier, Stochastic provided a negative crossover as seen on the provided four hour chart. This negative crossover has activated the negative divergence, which could send the pair lower for the rest of the day and therefore, we hold onto our morning predictions, while a break of 0.8445 is needed to confirm this bearish scenario.

The trading range for today is among the key support at 0.8295 and key resistance now at 0.8605.

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

Morning Report

Weekly Report

Support0.84450.84200.83900.83700.8325Resistance0.84750.85000.85500.85850.8605RecommendationBased on the charts and explanations above our opinion is, selling the pair with a breakout below 0.8445 targeting 0.8325 and stop loss above 0.8520 might be appropriate.

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