Euro vs. Great British Pound (2011-04-15)

By @ibtimes on

Morning Report

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The royal pair gathered the momentum it needed around 0.8820, where it started to incline once more as seen on the provided four hour chart. SMA 50 along with the uptrend line that carries the bullishness from D level of the bullish harmonic 5-0 pattern remains intact and thus, we hold onto our bullish predications over intraday basis. In addition to these technical factors, the classical continuation pattern -cup with handle- which supports our positive scenario. A break of 0.8910 will send the pair higher towards 0.8965, followed by 0.9030 zones.

The trading range for today is among the key support at 0.8730 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 of 0.8965 remain intact.

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EUR/GBP Classical

Support0.88500.88200.87800.87300.8715Resistance0.88750.89100.89650.90000.9030RecommendationBased on the charts and explanations above our opinion is, buying the pair around 0.8850 targeting 0.8965 and stop loss below 0.8770 might be appropriate.

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