EURGBP Weekly Technical Chart

Weekly Technical Chart

This report has been deactivated

EUR/GBP Weekly Candlestick Chart. This mornings price action breaking below the two important levels of support at 0.8470 and 0.8445 after attempts higher struggled at 0.8598.

The 0.8423 level is now attracting the price action and is where a bounce should materialise today. Holding below this level opens up the way to 0.8400 which is the base of the hammer that formed on the daily chart on 22.06.09. Plenty of stops likely to placed between those two levels. Below the 0.8400 level could open up the way for some major bearish activity that could eventually lead to 0.7900.

Right now 0.8450 level +/- is the area to watch for a close tonight. Closing above this level would suggest that the hammer candlestick is still in play and that moves higher will be attempted again this week with 0.8497/0.8515 + the focus.

Bias is to look for a bounce at 0.8423 level and/or a close tonight above 0.8450. Although the support levels from last weeks paper have failed today the market is still technically bullish (big picture). Really need to see 0.8500 level hold now before attempting longer duration positions (also think EUR/USD moves lower and USD/CHF moves out higher from current levels for what could be quite a substantial move over the next few months).

Published On Tue, Jun 30 2009, 08:48 GMT

About this Report

Chart-Workshop

http://www.chart-workshop.de/

info@chart-workshop.de

More Reports from this Contributor

Archive

Older Posts:

Advertisement

Legal disclaimer and risk disclosure

This material (“Material” means any technical analyses research), has been prepared for information purposes only and does not constitute a solicitation nor an act of advice or instruction to buy or sell securities. This material contains results and information intended for the sole recipient of this document only. Each recipient of the information contained in this document should make his/her own independent evaluation of the relevance and adequacy of the information contained herein and make such other investigation as necessary, including obtaining other independent advice before participating in any transaction in respect of the securities referred to in this material. The recipient/s of this material therefore agrees to place no responsibility on the author for financial losses incurred after reading this material nor advice or recommendations of any sort. Technical analyses includes identifying short, medium and long-term price trends. Technical analyses can show areas of potential consolidation and show where supply and demand are currently going to effect the price action. As a result of this analysis, investment performance can be enhanced and can clearly define desirable areas to buy or sell items that have been identified as attractive or dangerous in terms of value. It is important to note that all forms of analysis rely heavily on historical data, but that past performance is not necessarily indicative of future results, and can not foresee the out break of war, an act of god, or any other cause that may effect the price (after the results of the technical analyses have been completed), and which may cause hysteria within the (corresponding) market/s resulting in sudden losses in terms of value. In the case of such events that cause market turmoil, the market/s quickly discount all information, which then ceases to be relevant to the price action. While the information herein is believed to be reliable, it has not been independently verified by any Financial Authority. There is, likewise, no acceptance of responsibility or liability of any kind with regard to the accuracy or completeness of the information contained herein. The author of this material confirms that the information expressed herein accurately reflects his personal views. The information contained in this material is also subject to change without notice.