Weekly Report

eurgbp19_03_2012

The pair is stable below the support of the ascending minor channel shown above, which confirms the negative effect if the bearish continuation Flag structure, which is represented by this channel. Therefore, we expect a downside movement this week, targeting mainly 0.8170 and then 0.8100, while stability below 0.8320 is required for the pair to reach the suggested targets,.

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

Support0.82550.82000.81700.81000.8065
Resistance0.83200.83700.84450.85000.8525
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.