Morning Report

eurgbp13_03_2012

The pair surpassed SMA 50 and is approaching now the critical resistance of the short-term trend at 0.8445, where the pair is still within the ascending minor channel shown in red, while the incline might extend to test the resistance of this channel at 0.8525. On the other hand, Stochastic is within over bought areas, which strengthens the resistance level at 0.8445 and in result the pair might remain below the previously breached ascending support level. In general, we remain neutral today, observing the pair's behavior between the support of 0.8380 and 0.8310 and the resistance of 0.8445.

The trading range for today is among the major support at 0.8310 and the major resistance at 0.8525.

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

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Weekly Report

Support0.83800.83100.82550.82000.8170
Resistance0.84450.85000.85250.86050.8660
RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations