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EURGBP keeps on moving inside a declining channel

Last Updated on Tuesday, 20 September 2011 07:19 Written by FXTT Tuesday, 20 September 2011 07:16

EURGBP–Intraday Technical Analysis–Sep 20, 2011-07.00 GMT

TECHNICAL ANALYSIS REVIEW

EURGBP continues trading inside a declining price channel as seen on the hourly chart. If we have a look on daily chart, there we can also observe similar pattern telling that EURGBP remains under the domination of bearish power despite in last week the pair rebounded far enough.

The pair seemingly tries to gain more momentum to retest a strong support on weekly chart which is now located at

Previous Week

Open

High

Low

Close

Range

0.8579

0.8789

0.8527

0.8730

262

Previous Day

Open

High

Low

Close

Range

0.8702

0.8725

0.8669

0.8713

56


EURGBP HOURLY CHART

Figure 1. EURGBP hourly chart analysis 20 Sep 2011

TECHNICAL ANALYSIS OUTLOOK

As we can see on the hourly chart, it is apparent that current bearish pressure remains intact. We view today EURGBP will maintain going south. A break below 0.8669 will drag EURGBP down to 0.8627.

However, a close well above the upper line of the declining price channel (now at 0.8710) will be a threat of current intraday bearish trend.

Intraday Market Condition: Non Trending
Intraday Market Direction : Sideways with bearish bias
Support 1: 0.8669 Resistance 1: 0.8725
Support 2: 0.8627 Resistance 2: 0.8767
Support 3: 0.8564 Resistance 3: 0.8789

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To contact the editor responsible for this story:  Reza  at PT. ABC Future Indonesia and FXTT Analysis Dept

email: rezafile@ymail.com

About Reza File

To contact the editor responsible for this story : Reza Aswin at PT. ABC Future Indonesia email : rz_aswin@yahoo.com

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