Morning Report

eurgbp27_03_2012

The pair settled in areas around the support level of the ascending channel shown above, facing again the resistance barrier formed by SMA 50 at 0.8365. In general, consolidation within the mentioned ascending channel drives us to hold onto the suggested intraday upside move, requiring a breach of 0.8365 in order to attack the critical resistance at 0.8455 and then 0.8495. Consolidation above 08335 is necessary for our positive expectations.

The trading range for today is among the major support at 0.8255 and the major resistance at 0.8500.

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

Previous Report

Weekly Report

Support0.83350.82550.82000.81700.8100
Resistance0.83650.84550.84950.85550.8610
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 0.8335, targeting 0.8455 and 0.8495 and stop loss below 0.8255 might be appropriate.