EUR/GBP Weekly Candlestick Chart. Last weeks strategy was very profitable for the position trade and although the price action did move higher after hitting the 0.9000 target and 10 week Moving Average the technical picture has not changed. The engulfing pattern on the weekly keeps the bias for EUR/GBP lower overall.
The 10 week moving average worked well as target and as support and is now at 0.9025. Until prices get below the 10 week moving average there is likely to be some mild range trading. 0.9070 is current support and the line in the sand for now. Until prices break convincingly below this level the market is likely to be rangy. Above 0.9070 should only yield greater opportunities to short this market. Holding above 0.9300 cancels this strategy.
Bias for now is lower with near term target at 0.89(00) and support at 0.9000 and 0.8975 along the way.
Weekly Technical Chart
EURGBP Weekly Technical Chart
Tue, Oct 27 2009, 09:11 GMT
by
Gareth Burgess
- Chart-Workshop
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