Morning Report

eurgbp24_04_2012

The pair settled below 0.8170, providing more signs that the downside movement might continue over intraday basis. The pair is currently fluctuating around the support of the descending channel shown above, which is supported by the positivity of momentum indicators. This positivity might trigger a slight bullishness before resuming the downside movement, with our main targets are at 0.8100 and then 0.8000.

The trading range for today is among the major support at 0.8000 and the major resistance at 0.8200.

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

Previous Report

Weekly Report

Support0.81000.80750.80000.79400.7900
Resistance0.81700.82200.82900.83250.8365
RecommendationBased on the chart and explanations above, our opinion is selling the pair around 0.8220, targeting 0.8100 and then 0.8000 and stop loss with 4-hour closing above 0.8290 might be appropriate