Euro vs. Great British Pound (2011-01-10)

By @ibtimes on

Weekly Report

eurgbp10

Trading below 0.8335 signaled a possible harmonic Butterfly Pattern. This formation might drive the pair towards 0.7925 yet at the same time Stochastic is oversold and the pair is near 0.8335 which is the barrier to confirm or negate the harmonic pattern; where trading above this level will drive the pair to the upside in an attempt to return to stabilize above 0.8490. Therefore, we remain neutral for and recommend reviewing our daily reports for more confirmations on the pair's coming big move.

The trading range for today is among the key support at 0.8080 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.

Support0.82600.82150.81600.81350.8080Resistance0.83250.83550.83900.84450.8490RecommendationBased on the charts and explanations above we remain neutral and recommend reviewing our coming reports for more confirmations on the forming trend for this week

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