Euro vs. Great British Pound (2011-04-12)

By @ibtimes on

Morning Report

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Stable four hour closings above 0.8815-0.8820 zones are presently seen, while SMA 50-colored in red- is carrying the bullishness from below. All what we need now is a breakout above the initial resistance of 0.8850 to make sure that the pair has enough intraday momentum to touch 361.8% Fibonacci projection of CD leg of our captured bullish harmonic 5-0 pattern. Only a break of the uptrend line can delay these positive anticipations.

The trading range for today is among the key support at 0.8715 and key resistance now at 0.9000.

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

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EUR/GBP Classical

Support0.88200.87800.87300.87150.8700Resistance0.88700.89100.89500.89650.9000RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8820 targeting 0.8950 and stop loss below 0.8720 might be appropriate.

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