Home EURGBP: Clears The 0.8852 Level, Eyes More Strength

EURGBP: Clears The 0.8852 Level, Eyes More Strength

EURGBP– With a clearance of the 0.8852 level now seen, further upside risk is now building up towards its Oct 25’2010 high at 0.8940 level where a break will resume its long term uptrend.

Guest post by  www.fxtechstrategy.com

This will set the stage for more strength towards the 0.9000 level, its big psycho level where the cross could encounter a price hesitation because of the psychological importance of that level. Its daily studies are bullish and pointing higher supporting this view.

On the other hand, the risk to our upside outlook will be a return below the 0.8852 level and the 0.8715 level. This will pave the way for more declines towards the 0.8653 level followed by the 0.8624 level and then the 0.8532 level.

All in all, the cross continues to maintain its medium term bullishness having resumed its uptrend.

EUR GBP Technical Analysis April 13


Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.