EUR/GBP Weekly candlestick chart. Prices dipped towards the 10 day moving average at 0.8970 region but remained well supported.
Price action now pushing towards the 0.9150 level but last weeks price action created a long shadow on the weekly candle – testing the market only to find sellers! Next potential resistance is likely to be at the top of this candlestick and the trend line just beyond (see chart). These are levels of future resistance on continued moves higher.
In the shadow of last weeks candle also produces the possibility of a sideways range type market with downside risk only appearing if prices get below the 10 day moving average currently at 0.9015, this week.
Bias now is to target recent highs and then go flat. Risk to the downside grows below 0.9015/(00).
Weekly Technical Chart
EURGBP Weekly Technical Chart
Tue, Mar 9 2010, 09:03 GMT
by
Gareth Burgess
- Chart-Workshop
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