Euro vs. Great British Pound Morning Report (2009-10-15)

 @ibtimes
on October 15 2009 2:14 AM

Morning Report

The royal pair declined sharply, activating the negative harmonic scenario as seen on the four-hour chart. The secondary image of our caught shooting star pattern confirms the bearish pressure of the pattern which still has southern technical targets to be reached. A breakout below the key support level of 0.9299 may be able to cause a panic sell-off normally affectedby the negative crossover on Stochastic. Hence, the intraday outlook remains bearish.

The trading range is among the key support at 0.9130 and key resistance now at 0.9500.

The general trend is to the upside as far as 0.8020 area remains intact with targets at 1.0000 followed by 1.0400 levels.

Support0.93000.92600.92200.91800.9130Resistance0.93600.93850.94200.94500.9500RecommendationBased on the charts and explanations above our opinion is, selling the pair from 0.9325 targeting 0.9230 and stop loss above 0.9405 might be appropriate

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