Euro vs. Great British Pound (2011-03-08)

By @ibtimes on

Morning Report

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The difference between our yesterday's suggested scenario and the actual price behaviors was that the pair reversed from 0.8570 instead of 0.8550. Note only that but it succeeded in penetrating C point, confirming the nature of our efficient bullish harmonic 5-0 pattern as it always targets extended levels for its CD leg at 161.8% and 261.8% Fibonacci. Now, another mild correction is required in order to retest C point- previous resistance turned into support- and also t relive momentum indicator before resuming the upside rally towards its first scientific technical objective at 0.8670. Consequently, we hold onto our positive predications over intraday basis.

The trading range for today is among the key support at 0.8520 and key resistance now at 0.8730.

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

Support0.86050.85800.85600.85400.8520Resistance0.86350.86650.87000.87150.8730RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8580 targeting 0.8670 and stop loss below 0.8510 might be appropriate.

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