Morning Report

eurgbp15_03_2012

The pair fluctuates around the ascending channel's support shown above, where this channel represents a bearish flag continuation pattern as mentioned before. SMA 50 pressures the pair over intraday basis, while Stochastic is negative. Therefore, our negative expectations remain valid today, while a breach of the mentioned support level at 0.8310 should confirm our expectations. Our main target is at 0.8170, depending on stability below 0.8375.

The trading range for today is among the major support at 0.8170 and the major resistance at 0.8375.

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

Previous Report

Weekly Repor

Support0.83100.82550.82000.81700.8100
Resistance0.83750.84450.85000.85250.8605
RecommendationBased on the chart and explanations above, our opinion is selling the pair with 4-hour closing below 0.8310, targeting 0.8170 and stop loss above 0.8375 might be appropriate.