Euro vs. Great British Pound (2011-08-23)

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Morning Report

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The pair settled among a narrow range since yesterday, the important factor is its ability to remain above the resistance of the breached falling wedge. Stochastic is clearly positive, where a technical bullish pattern may be developing as shown in image. Accordingly, we expect an intraday bullish move today, which requires two conditions; surpassing 0.8785 level, and stability above 0.8630.

Trading range for the day is among the major support at 0.8565 and the major resistance at 0.8885.The short term trend is to the upside targeting 1.0370 as long as 0.8165 remain intact.

Previous Report

Weekly Report

Support0.87050.86300.85950.85650.8500Resistance0.87850.88300.88850.89400.9000RecommendationBased on the charts and explanations above we recommend buying the pair with hourly closing above 0.8750 targeting 0.8885. Stop loss with hourly closing below 0.8705 may be appropriate.

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