Weekly Report

eurgbp09_04_2012

The pair continues the bearishness, affected by the breach of the pivotal support at 0.8290, while SMA 50 pressures the pair over intraday basis. In general, the downside movement is expected to continue this week, targeting mainly 0.8060, while a breach of 0.8290 could postpone our targets and support the pair to gain some upside momentum.

The trading range for this week 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

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 below 0.8290, targeting 0.8170 and 0.8075 and stop loss with 4-hour closing below 0.8340 might be appropriate.