Morning Report

eurgbp29_03_2012

The pair closed the session yesterday above SMA 50, which is a positive sign that could support the intraday upside move to continue today. Stochastic is negative, which could trigger a downside bias that might support the pair to build a strong base at the support level of the minor ascending channel before moving upside towards our targets between 0.8455 and 0.8490.

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 Repor

Support0.83650.83350.82550.82000.8170
Resistance0.84550.84950.85550.86100.8660
RecommendationBased on the chart and explanations above, our opinion is buying the pair around 0.8335, targeting 0.8455 and 0.8490 and stop loss below 0.8255 might be appropriate.