Euro vs. Great British Pound (2011-02-09)

By @ibtimes on

Morning Report

eurgbp09

The harmonic pattern settled for the 76.4% correction, where the pair returned to consolidate above 61.8% and above the bullish harmonic support shown above. Stochastic is reflecting a downside bias and the pair is trading below 50% correction and SMA 50 at 0.8505 and accordingly we remain neutral for today to see if the pair will return above 0.8460 to end the harmonic pattern and start a new bullish wave; while failure to set a four-hour closing above 0.8500-05 will push the pair to continue the harmonic pattern.

The trading range for today is among the key support at 0.8290 and key resistance now at 0.8635.

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

Support0.84600.84400.84100.83700.8330Resistance0.85050.85400.85900.86350.8665RecommendationBased on the charts and explanations above we remain neutral awaiting further confirmations

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