Euro vs. Great British Pound (2011-03-29)

By @ibtimes on

Morning Report

The royal pair is still hovering around 261.8% Fibonacci extension of CD leg of our efficient bullish harmonic 5-0 pattern, while signs of forming a minor cup with handle pattern started to appear on the graph. Therefore, we still see chances for achieving additional bullishness towards the next technical target of the harmonic pattern, detailed in the previous report. The bigger picture discussed in the weekly report is another technical reason for keeping our positive overview intact. A four hour closing above 0.8815 will rekindle panic buying pressures.

The trading range for today is among the key support at 0.8675 and key resistance now at 0.8965.

The general trend over short term basis is to the downside, targeting 0.7780 as far as areas of0.8965remain intact.

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EUR/GBP Classical

Support0.87800.87300.87150.87000.8675Resistance0.88150.88600.89100.89350.8965RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8780 targeting 0.8930 and stop loss below 0.8675 might be appropriate.

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