Morning Report

eurgbp20_04_2012

The royal pair continues to fluctuate around the pivotal support of 0.8170, while the trading is still within the minor channel that organizes the bearish wave over intraday basis. Therefore, we expect an intraday downside movement today after the expected retest of 0.8200. Our main targets are at 0.8100 and then 0.8000.

The trading range for today is among the major support at 0.8075 and the major resistance at 0.8290.

The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.

Previous Report

Weekly Report

Support0.81700.81000.80750.80000.7940
Resistance0.82200.82900.83250.83650.8395
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8220, targeting 0.8100 and stop loss with 4-hour closing above 0.8290 might be appropriate