Morning Report

eurgbp24_02_2012

The pair is still trading positively after the confirmed breach of the critical resistance mentioned yesterday, where the 50 MA offers good support for upside wave from below. Momentum indicators are offering negative signals that might cause sideways fluctuations for some time. In general, we favor the resumption of the intraday upside move today targeting 0.8550 then 0.8660 and require stability above 0.8430 to remain valid.

The trading range for today is expected among the key support at 0.8370 and the key resistance at 0.8660.

The short term trend is to the upside as far as 0.8170 remains intact with targets at 1.0370.

Previous Report

Weekly Report

Support0.84500.84300.83950.83400.8290
Resistance0.85000.85500.86050.86600.8720
RecommendationBased on the charts and explanations above our opinion is buying the pair around 0.8450 targeting 0.8550 then 0.8660 and stop loss with four-hour closing below 0.8370 might be appropriate