Morning Report

eurgbp09_03_2012

The pair provided a daily closing yesterday around the SMA 50 as shown above, while Stochastic continues to provide positive signs that support the pair to incline. We expect the pair to provide more attempts to breach the critical resistance at 0.8440 and then testing the resistance of the ascending channel at 0.8535. In general, we remain neutral today, observing the pair's behavior around the mentioned resistance level of the support of the ascending channel around 0.8305.

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 Repor

Support0.83050.82550.82000.81700.8100
Resistance0.84400.85000.85350.86050.8660
RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations