Euro vs. Great British Pound (2011-03-24)

By @ibtimes on

Morning Report

width=640

The royal pair was prevented from soaring via pivotal resistance of 0.8730 but it is still stable above the lower line or rather the support line of the ascending channel as seen on the provided four hour graph. In the interim, AROON started to give off the first sign of the two required signs, suggesting that the bullish trend is still valid and the pair did not lose its upside momentum. Thereby, we keep our bullish anticipations intact over intraday basis that wassupported by the harmonic5-0 pattern pushing the price towards 261.8% Fibonacci projection of CD leg at 0.8815.

The trading range for today is among the key support at 0.8520 and key resistance now at 0.8815.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of 0.8965 remain intact.

Previous Report Weekly Report

EUR/GBP Classical

Support0.86600.86300.86050.85850.8555Resistance0.87000.87150.87300.87800.8815RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8660 targeting 0.8800 and stop loss below 0.8585 might be appropriate.

Join the Discussion