Euro vs. Great British Pound (2011-03-09)

By @ibtimes on

Morning Report

The royal pair is gradually approaching the awaited pivotal support-previous broken resistance at C point-, while RSI is relieved and thus, we hold onto bullish scenario over intraday basis. This scenario is based on the 5-0 pattern, which already took the pair to stabilize above 100% Fibonacci of CD leg, opening the door for further bullishness towards the scientific technical objective of this pattern at 161.% projection around 0.8670 zones. A break of 0.8570 will postpone the acceleration of this harmonic overview but it will not damage it.

The trading range for today is among the key support at 0.8500 and key resistance now at 0.8700.

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

Support0.85800.85600.85400.85200.8500Resistance0.86350.86650.87000.87150.8730RecommendationBased 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.

Join the Discussion