fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: Technical Analysis for EUR/GBP  Wed Mar 20, 2013 9:17 am | |
| Technical Analysis for EUR/GBP The EURGBP pair moved lower yesterday, and acquired our first downside target at 0.8520. The pair has decisively broken the 50-days SMA, following the earlier break below the neckline of the double top reversal pattern. Accordingly, we maintain our bearish view for the pair, towards the main target at 0.8450. Holding below 0.8610 is necessary for the bearish bias to remain dominant. Support: 0.8515, 0.8495, 0.8470, 0.8445, 0.8400 Resistance: 0.8575, 0.8600, 0.8630, 0.8660, 0.8700 Recommendation Based on the charts and explanations above, we prefer to short the pair below 0.8570 targeting 0.8520 and 0.8450. Stop loss above 0.8610.  | |
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