Morning Report

eurgbp03_01_2012

The royal pair remains trapped within the shaded area seen on the provided graph between the previous broken support-turned into resistance- at 0.8395 and the support of 0.8275. Thereby, we will continue watching out the price behaviors of the pair until it takes one of the above hinted edges. We recommend reviewing the weekly report for more details about the targets in case of witnessing a breakout.

The trading range for the day is expected among the key support at 0.8250 and the key resistance at 0.8480.

The short term trend is to the upside as far as 0.8165 remains intact with targets at 1.0370.

Weekly Report

Support0.82750.82500.82000.81700.8100
Resistance0.83950.84400.84800.85500.8605
RecommendationBased on the charts and explanations above we recommend buying the pair with four-hour closing above 0.8395 targeting 0.8550 and 0.8635 ,stop loss with four-hour closing below 0.8395 or selling the pair with a four-hour closing below 0.8275, targeting 0.8170 and 0.8100, stop loss with a four-hour closing above 0.8395 may be appropriate.