Morning Report

eurgbp03_02_2012

The pair is still stable below the previously breached support level of the ascending minor channel, where SMA 50 forces downside pressures on the pair. In addition, Stochastic is negative over 4-hour basis. Therefore, we expect an intraday downside movement, targeting mainly 0.8170 and then 0.8100, while stability below 0.8415 is necessary for our expectations to prevail.

The trading range for today is among the major support at 0.8100 and the major resistance at 0.8360.

The short-term trend is to the upside as far as 0.8170 remains intact, targeting 1.0370.

Previous Report

Weekly Report

Support0.82550.82000.81700.81000.8065
Resistance0.83300.83600.84150.84400.8480
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8330, and taking profit at 0.8170 and stop loss above 0.8415 might be appropriate today.