Euro vs. Great British Pound (2011-04-05)

By @ibtimes on

Morning Report

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Respecting our yesterday's discussed chance for taking RSI 14 to the oversold areas, the royal pair moved mildly to the downside approaching the support of the ascending channel as seen on the provided four hour graph. SMA 50-colored in red- is still providing the pair with a statistical uptrend line and thus, thepositivity of the bullish harmonic 5-0 pattern is still in favor, targeting 361.8% of CD leg at 0.8960 zones.

The trading range for today is among the key support at 0.8690 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

Support0.88000.87800.87300.87150.8700Resistance0.88400.88700.89100.89650.9000RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8760 targeting 0.8960 and stop loss below 0.8605 might be appropriate.

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