EUR/GBP Technical Analysis and Trading Recommendations
Technical Analysis and Trading Recommendations
EUR/GBP
June 29, 2011.
Expertise: Technical Analysis
Average Time Frame of Trades: 1 days to 3 days.
Pivot Point: 0.8965
The EUR/GBP has rebounded from a strong Resistence at 0.9020 (in May 5, 2011 at 08:00 GMT+2), it is now approaching its resistance around the spot between 0.8990 and 0.9040, it will probably start downside movement at this area and recovery again. Moreover the RSI calls for a new whole decline. Therefore it should ask for a high price to sell at this spot with a first target of 0.8940 and continue towards 0.8875 On other hand if a break in 0.9125 will be a good location for placing stop loss
Recommendations:
Short Selling at 0.9000 / 0.9040
Take Profit at 0.8880
Stop Loss at 0.9115
Technical Levels:
R3 0.9063
R2 0.9024
R1 0.9004
PP 0.8965
S1 0.8945
S2 0.8906
S3 0.8886
