Euro vs. Great British Pound (2012-01-20)

By @ibtimes on

Morning Report

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The royal pair continues to trade positively within the minor ascending channel shown on image, supported by the 50-EMA, where price is approaching the critical and most important resistance for the upcoming intraday and short term direction around 0.8400. Breaching this resistance will resume the main bullish trend targeting 0.8550, while if the level holds trading will remain normally within the current descending channel targeting 0.8170. Accordingly, the next direction for the pair depends on the levels at 0.8280 support and 0.8400 resistance.

The trading range for the day is expected among the keysupport at 0.8170 and the key resistance at 0.8550.

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

Previous Report

Weekly Report

Support0.82800.82000.81700.81000.8065Resistance0.84000.84400.84800.85500.8605RecommendationBased on the charts and explanations above we recommend selling the pair with four-hour closing below 0.8280 targeting 0.8170 and 0.8100 ,stop loss above 0.8400 may be appropriate

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