Euro vs. Great British Pound (2011-01-20)

By @ibtimes on

Morning Report

eurgbp20

The pair continues to trade positively affected by trading above the first harmonic target at 38.2% correction at 0.8420 signaling the second target at 61.8% at 0.8505-0.8520. A classic bullish probability is starting to appear, a double bottom with the neckline around 0.8440 and four-hour closing above this level will further support the upside move. Stochastic provided a positive crossover despite approaching overbought areas supporting our bullish expectations.

The trading range for today is among the key support at 0.8260 and key resistance now at 0.8565.

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

Previous Report

Weekly Report

Support0.84100.83900.83700.83300.8290Resistance0.84450.84900.85100.85650.8590RecommendationBased on the charts and explanations above, our opinion is buying the pair around 0.8410 targeting 0.8510 and stop loss below 0.8330 might be appropriate

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