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