Euro vs. Great British Pound (2011-01-25)

By @ibtimes on

Morning Report

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The royal pair succeeded in activating the first previous explained step of forming the potential bearish harmonic Gartley pattern since it has inclined mildly towards 76.4% Fibonacci level of XA leg. Now, the overbought sign of RSI 14 became clearer than yesterday as seen on the provided four hour graph and thus, we the bearishness may start from the current levels. Consequently, we hold onto our bearish outlook over intraday basis, targeting 0.8445 zones.

The trading range for today is among the key support at 0.8415 and key resistance now at 0.8665.

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

Support0.85000.84650.84450.84150.8400Resistance0.85500.85850.86050.86300.8665RecommendationBased on the charts and explanations above our opinion is, selling the pair around 0.8555 targeting 0.8430 and stop loss above 0.8630 might be appropriate.

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