Morning Report

eurgbp05_04_2012

The pair settled below 0.8290 yesterday, which activated the negative effect of the bearish technical structure, targeting the support level of the descending channel at 0.8075. SMA 50 supports the negative outlook, while a breach of 0.8290 might support the pair to retest the previously breached ascending minor channel's resistance at 0.8340.

The trading range for today is among the major support at 0.8075 and the major resistance at 0.8340.

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

Previous Report

Weekly Report

Support0.82550.82000.81700.81000.8075
Resistance0.82900.83400.83650.83950.8460
RecommendationBased on the chart and explanations above, our opinion is selling the pair below 0.8290, targeting 0.8170 and 0.8075 and stop loss with 4-hour closing below 0.8340 might be appropriate.