Morning Report

eurgbp29_02_2012

The pair is biased to the downside since yesterday evening approaching gradually the main support at 0.8435, where momentum indicators are affecting the intraday trading. However, SMA 50 supports the pair from below, while momentum indicators attempt to get rid of this negativity. Therefore, our intraday positive expectations remain valid, targeting mainly 0.8550 and then 0.8660. A breach of 0.8435 and 0.8405 weakens our expectations significantly.

The trading range for today is among the major support at 0.8370 and the major resistance at 0.8600.

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

Previous Report

Weekly Report

Support0.84350.84050.83400.82950.8255
Resistance0.85000.85500.86050.86600.8720
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 0.8435, targeting 0.8550 and stop loss with 4-hour closing below 0.8370 might be appropriate.