Morning Report

eurgbp06_04_2012

The bearishness continued after breaching the pivotal support of 0.8290 and more bearishness is awaited targeting 0.8170 followed by 0.8065. Momentum indicators' positive signals may cause fluctuation and a retest of the broken support-turned into resistance- before resuming the bearish rally. Ultimately, stability below 0.8290 is required to keep the scenario valid.

The trading range for today is among the major support at 0.8065 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

Support0.82000.81700.81000.80750.8000
Resistance0.82550.82900.83400.83650.8395
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8290, targeting 0.8170 followed by 0.8075 and stop loss above 0.8340 might be appropriate.