Morning Report

eurgbp21_03_2012

The royal pair still attempts to confirm the breach of the ascending channel's support as shown above, while Stochastic supports the intraday trading by forcing upside pressure on the pair. The pair is currently facing the pivotal resistance, which represents SMA 50 at 0.8370, where a breach of this level might support the pair to reach the pivotal resistance at 0.8450 and 0.8510. On the other hand, a breach of the support level at 0.8325 might activate the negative effect of the bearish flag continuation pattern. Therefore, we remain neutral today, observing the pair's behavior around the mentioned levels.

The trading range for today is among the major support at 0.8200 and the major resistance at 0.8450.

The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.

Previous Report

Weekly Report

Support0.83250.82550.82000.81700.8100
Resistance0.83700.84500.85100.86050.8660
RecommendationBased on the charts and explanations above, we remain neutral awaiting more confirmations