Morning Report

eurgbp05_08_2011

The pair moved far from the breached neckline at 0.8750, where the 50 EMA is pressuring the pair negatively supporting the negative impact from the rising wedge formation shown in image. Therefore, we will hold onto our bearish intraday expectations for today targeting mainly 0.8555-0.8540 so long as the aforementioned neckline remains intact.

Trading range for the day is among the major support at 0.8540 nd the major resistance at 0.8780.

The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.

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Weekly Report


Support0.86650.86150.85800.85550.8500
Resistance0.87050.87500.87800.88100.8890
RecommendationBased on the charts and explanations above we recommend selling the pair around 0.8705 targeting 0.8555 and stop loss above 0.8780 may be appropriate.