Morning Report

eurgbp18_04_2012

The pair is still trading within a tight range and fluctuating around 0.8240 at the time Stochastic is approaching overbought areas. Therefore, we hold onto our intraday bearish expectations for today based on stability below 0.8290 and the negative pressure from the MA 50. The main targets start at 0.8170 and 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 stop loss with four-hour closing above 0.8365 might be appropriate