fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/GBP Daily Outlook  Wed May 08, 2013 9:02 am | |
|  EUR/GBP Daily Outlook Daily Pivots: (S1) 0.8413; (P) 0.8440; (R1) 0.8471; More.... EUR/GBP recovers ahead of 0.8397 and intraday bias is turned neutral first. As long as 0.8497 resistance holds, deeper decline is still in favor. And below 0.8397 will target 50% retracement of 0.7755 to 0.8806 at 0.8281. But overall, decline from 0.8806 is viewed as a correction only and might complete around there. On the upside, above 0.8497 will turn bias to the upside for 0.8636. Break there will indicate that fall from 0.8806 has completed and will turn near term outlook bullish. In the bigger picture, medium term rebound from 0.7755 lost much momentum after hitting 0.8806 and the break of 0.8446 support raised the chance of reversal. But overall, we're still preferring the case that correction from 0.9799 has completed with three waves down to 0.7755 already and expect another rise to 0.9083 key resistance level. However, break of 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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