fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/GBP Daily Outlook Wed Feb 20, 2013 10:25 am | |
| EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8624; (P) 0.8654; (R1) 0.8708; More.... EUR/GBP rises further to 0.8700 so far and intraday bias is back on the upside with focus on 0.8716. Break will confirm resumption of whole rally from 0.7755 and should target next medium term fibonacci level at 50% retracement of 0.9799 to 0.7755 at 0.8777. On the downside, though, below 0.8600 minor support will indicate that consolidation from 0.8716 is extending with another fall line. But in any case, downside should be contained by 50% retracement of 0.8085 to 0.8716 at 0.8401 and bring upside breakout eventually. In the bigger picture, price actions from 0.9799 are treated as a long term consolidation pattern with fall from 0.9083 as the third leg. Current development affirms the case that such correction is completed at 0.7755 already, inside 0.7693/8186 support zone as expected. Further medium term rally should be seen to 0.9083 key resistance level for confirmation. Meanwhile, we's stay bullish as long as 0.8164 support holds even in case of pull back. | |
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