Morning Report

eurgbp16_03_2012

The pair is still trading around the support level of the ascending channel shown above, which inclines now to 0.8315, where a breach of this level is awaited to activate the negative effect of the bearish continuation flag pattern, represented by the ascending channel. Therefore, we are still bearish over intraday basis, depending on a clear breach of the mentioned level and 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

Support0.83150.82550.82000.81700.8100
Resistance0.83750.84450.85000.85250.8605
RecommendationBased on the chart and explanations above, our opinion is selling the pair with 4-hour closing below 0.8315, targeting 0.8170 and stop loss above 0.8375 might be appropriate