Morning Report

eurgbp17_04_2012

The positive bias is seen on the pair in an attempt to retest 0.8290 areas, while we can see that Stochastic is losing the upside momentum and entering overbought areas. Therefore, we hold onto our intraday bearish expectations supported by the MA 50 which require stability below 0.8290. The expected targets start at 0.8170 then 0.8100.

The trading range for today is expected among the key support at 0.8100 and the key resistance at 0.8290.

The short term trend is to the upside as far as 0.7785 remains intact with targets at 1.0370.

Previous Report

Weekly Report

Support0.82000.81700.81000.80750.8000
Resistance0.82900.83250.83650.83950.8470
RecommendationBased on the charts and explanations above our opinion is selling the pair around 0.8290 targeting 0.8170 and 0.8100 and stop loss with four-hour closing above 0.8365 might be appropriate