Euro vs. Great British Pound (2011-01-17)

By @ibtimes on

Weekly Report

eurgbp17

Over weekly basis, we can that the support areas at 0.8330 supported the pair to move higher during the previous week; those areas might push the pair again to continue the bullishness this week. Over four-hour basis, the pair is still affected by the harmonic pattern that might push the pair again towards 61.8% correction of CD at 0.8510 and the 10 and 20 MA are attempting to crossover positively supporting the classic expectations for the week.

The trading range for today is among the key support at 0.8160 and key resistance now at 0.8640.

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

Support0.83900.83700.83300.82900.8260Resistance0.84450.84900.85100.85650.8590RecommendationBased on the charts and explanations above, our opinion is buying the pair around 0.8370 targeting 0.8515 and stop loss below 0.8290 might be appropriate

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