Morning Report

eurgbp04_01_2012

The royal pair is still l trapped within the yellow shaded as seen on the provided graph. The both edges of our captured range trading areas reside between the support of 0.8270 and the resistance around 0.8395. We need to watch out the price behaviors around those levels as a break below 0.8270 will lead us to visit 0.8170 followed by 0.8100; whilst a break above 0.8395 will send the pair higher towards 0.8550.

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.

Previous Report

Weekly Report

Support0.82700.82500.82000.81700.8100
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.