Morning Report

eurgbp06_03_2012

The royal pair is biased to the downside, approaching gradually the support level of the ascending minor channel shown above at 0.8300, while SMA 50 forces downside pressures over intraday basis. Therefore, our intraday negative expectations remain valid, noting that a clear breach of 0.8300 and stability below it in addition to consolidation below 0.8380 in general are necessary for our expectations to prevail.

The trading range for today is among the major support at 0.8170 and the major resistance at 0.8380.

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

Previous Report

Weekly Report

Support0.83000.82550.82000.81700.8100
Resistance0.83800.84400.85000.85500.8605
RecommendationBased on the chart and explanations above, our opinion is selling the pair with 4-hour closing 0.8300, targeting 0.8170 and stop loss above 0.8380 might be appropriate.