Morning Report

eurgbp20_03_2012

The pair rebounded to the upside to settle above the support of the ascending channel shown above, where the positivity of Stochastic affects the pair over intraday basis. In general, we still expect a downside movement over intraday basis, but trading below 0.8320 is necessary to confirm our outlook, noting that consolidation below 0.8370 is required for our expectations to prevail.

The trading range for today is among the major support at 0.8170 and the major resistance at 0.8370.

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

Previous Report

Weekly Report

Support0.83200.82550.82000.81700.8100
Resistance0.83700.84450.85000.85250.8605
RecommendationBased on the chart and explanations above, our opinion is selling the pair with 4-hour closing below 0.8320, targeting 0.8170 and stop loss above 0.8370 might be appropriate.