fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: Technical Analysis for EUR/GBP  Thu Sep 05, 2013 10:45 am | |
|  Technical Analysis for EUR/GBP The price is pushing lower, maintains the bearish break below the 200-days SMA and the main ascending trend line shown on the daily chart above. In the interim, price has approached a major key neckline for a giant double top pattern around 0.8400, a break below it would confirm a major trend reversal, but alternatively, it may force price to rebound. Accordingly, we maintain our intraday bearish bias, but will move to the sidelines as price gets closer to 0.8400. Support: 0.8430, 0.8395, 0.8360, 0.8320, 0.8300 Resistance: 0.8470, 0.8500, 0.8540, 0.8580, 0.8620 Recommendation Short below 0.8500, targets at 0.8430,0.8395 . Invalidation above 0.8550 | |
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