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 EUR/GBP Daily Outlook

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Join date : 2012-01-25

PostSubject: EUR/GBP Daily Outlook   Mon Mar 10, 2014 10:47 am

EUR/GBP Daily Outlook

Daily Pivots: (S1) 0.8280; (P) 0.8290; (R1) 0.8307; More....

Intraday bias in EUR/GBP remains on the upside for 0.8349 resistance. Break will add more credence to the bullish reversal case. That, corrective pattern from 0.8806 has finished at 0.8157 already. IN such case, stronger rise should be seen to 0.8466 resistance next. On the downside, break of 0.8190 is needed to indicate completion of the rebound. Otherwise, outlook will stay mildly bullish from now on.

In the bigger picture, we're still preferring the case that correction from 0.9799 has completed with three waves down to 0.7755 already. Rise from 0.7755 isn't completed yet and should resume after finishing the consolidation pattern from 0.8806. Above 0.8806 will target 0.9083 key resistance level and break will confirm this bullish case. However, break of sustained 0.8164 cluster support (61.8% retracement of 0.7755 to 0.8806 at 0.8156) will invalidate this view and turn medium term outlook bearish for 0.7755 low.
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