Morning Report

eurgbp12_04_2012

The pair continues to trade within a sideway range, stable below the pivotal support of 0.8290, while momentum indicators provide positive signs over daily basis, which in result signals that the pair might incline slightly to retest the mentioned level. But, in general, we still expect a downside movement today, supported by SMA 50, targeting areas around 0.8170 and then 0.8100, while consolidation below 0.8290 is required for our expectations to prevail.

The trading range for today is among the major support at 0.8100 and the major resistance at 0.8345.

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
Resistance0.82550.82900.83600.83950.8460
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8290, targeting 0.8170 and 0.8100 and stop loss with 4-hour closing above 0.8355 might be appropriate