EUR/GBP outlook

[MDunleavy]

EURGBP: Corrective Strength Continues To Be Seen

EURGBP: Price extension following its corrective recovery triggered off the 0.8850 level continues to target further upside breaking above the 0.8970/89 levels today. This leaves further upside risk towards its Dec 14’09 high at 0.9047 with a break aiming at the 0.9150 level, its Dec 01’09 high where a hold must be established to resume its recovery initiated at the 0.8832 level, its Nov 17’09 high towards the 0.9239 level, its Oct 26’09 high. Beyond there will turn attention to the 0.9410 level, its Oct 13’09 high. This view is supported by its daily studies which are bullish and pointing to the upside. On the downside, immediate support lies at the 0.8989/70 levels with a turn below there bringing further downside towards the 0.8832 level where a loss will set the stage for the resumption of its declines started at the 0.9410 level and allowing more downside force towards the 0.8698 level.[Written by actionforex]

"P&F EURGBP1440 Box Size 121X3 or(4.57%) CLOSE
Data 0.977 - 0.6129 ~ 92 Month ~ 2806 Day
Database 2000 records 0.89992 (Last Close)
2002-04-19 00~00
2009-12-24 00~00 (GMT+01:00) Paris
BJF Trading Group chart"

0.9801|~121||________________________________________|-0.32%|59.91%
0.9680|~242||________________________x_______________|0.92%|57.94%
0.9559|~363||________________________x_o_____________|2.16%|55.96%
0.9438|~484||________________________x_o_____x_______|3.4%|53.99%
0.9317|~6O5||________________________x_o_x___x_o_x___|4.64%|52.02%
0.9196|~726||========================x=o=x=o=x=o=x=o=|5.88%|50.04%
0.9075|~847||________________________x_o_x_o_x_o_x_o_|7.11%|48.07%
0.8954|~968||________________________x_o_x_o_x_o_x_o_|8.35%|46.09%
0.8833|~1O89|========================x=o===o=x=o=x=o=|9.59%|44.12%
0.8712|~121O|________________________x_____o___o_x___|10.83%|42.14%
0.8591|~1331|____________________x___x_________o_x___|12.07%|40.17%
0.8470|~1452|____________________x_o_x_________o_x___|13.31%|38.2%
0.8349|~1573|____________________x_o_x_________o_____|14.54%|36.22%
0.8228|~1694|____________________x_o_________________|15.78%|34.25%
0.8107|~1815|________________x___x___________________|17.02%|32.27%
0.7986|~1936|________________x_o_x___________________|18.26%|30.3%
0.7865|~2O57|________________x_o_x___________________|19.5%|28.32%
0.7744|~2178|________________x_o_x___________________|20.74%|26.35%
0.7623|~2299|________________x_o_____________________|21.98%|24.38%
0.7502|~242O|________________x_______________________|23.21%|22.4%
0.7381|~2541|________________x_______________________|24.45%|20.43%
0.7260|~2662|________________x_______________________|25.69%|18.45%
0.7139|~2783|x___x___________x_______________________|26.93%|16.48%
0.7018|~29O4|x_o_x_o_x_______x_______________________|28.17%|14.5%
0.6897|~3O25|x_o_x_o_x_o_x___x_______________________|29.41%|12.53%
0.6776|~3146|x_o___o_x_o_x_o_x_______________________|30.64%|10.56%
0.6655|~3267|x_____o_x_o_x_o_x_______________________|31.88%|8.58%
0.6534|~3388|x_____o___o___o_________________________|33.12%|6.61%
0.6413|~35O9|x_______________________________________|34.36%|4.63%
0.6292|~363O|x_______________________________________|35.6%|2.66%
0.6171|~3751|x_______________________________________|36.84%|0.69%
0.6050|~3872|________________________________________|38.08%|-1.29%
Column|~3993|9_3_3_5_4_4_3_3_134_8_3_127_4_5_6_9_8_4_|
Count




BJF-Trading-Group-EURGBP_4h30min_091227.xls

 

[MDunleavy]

Current level-0,9070

Longer term bias remains neutral to bullish for the pair, closing above both bearish trendlines confirms some upside for the week ahead.

Intraday: the pair keeps pushing up supported by the 1 hour 50 moving average. Lower highs on shorter time frames suggest a dip before challenging 0,9150.

"P&F EURGBP1440 Box Size 120X3 or(4.49%) CLOSE
Data 0.977 - 0.6251 ~ 93 Month ~ 2808 Day
Database 2000 records 0.90707 (Last Close)
2002-06-26 00~00
2010-03-04 00~00 (GMT+01:00) Paris
BJF Trading Group chart"

0.9840|~12O||__________________________________________________|-0.72%|57.41%
0.9720|~24O||____________________________x_____________________|0.51%|55.5%
0.9600|~36O||____________________________x_o___________________|1.74%|53.58%
0.9480|~48O||____________________________x_o___________________|2.97%|51.66%
0.9360|~6OO||____________________________x_o_x___x_____________|4.2%|49.74%
0.9240|~72O||____________________________x_o_x_o_x_o_x_________|5.42%|47.82%
0.9120|~84O||____________________________x_o_x_o_x_o_x_o_x_____|6.65%|45.9%
0.9000|~96O||____________________________x_o_x_o_x_o_x_o_x_o_x_|7.88%|43.98%
0.8880|~1O8O|____________________________x_o_x_o_x_o_x_o_x_o_x_|9.11%|42.06%
0.8760|~12OO|____________________________x_o___o_x_o_x_o___o_x_|10.34%|40.14%
0.8640|~132O|____________________________x_____o___o_x_____o___|11.57%|38.22%
0.8520|~144O|________________________x___x_________o_x_________|12.79%|36.3%
0.8400|~156O|________________________x_o_x_________o___________|14.02%|34.38%
0.8280|~168O|________________________x_o_x_____________________|15.25%|32.46%
0.8160|~18OO|____________________x___x_o_______________________|16.48%|30.54%
0.8040|~192O|________________x___x_o_x_________________________|17.71%|28.62%
0.7920|~2O4O|________________x_o_x_o_x_________________________|18.94%|26.7%
0.7800|~216O|________________x_o_x_o_x_________________________|20.16%|24.78%
0.7680|~228O|________________x_o___o___________________________|21.39%|22.86%
0.7560|~24OO|________________x_________________________________|22.62%|20.94%
0.7440|~252O|________________x_________________________________|23.85%|19.02%
0.7320|~264O|________________x_________________________________|25.08%|17.1%
0.7200|~276O|x_______________x_________________________________|26.31%|15.18%
0.7080|~288O|x_o_x___________x_________________________________|27.53%|13.26%
0.6960|~3OOO|x_o_x_o_x___x___x_________________________________|28.76%|11.34%
0.6840|~312O|x_o_x_o_x_o_x_o_x_________________________________|29.99%|9.42%
0.6720|~324O|x_o_x_o_x_o_x_o_x_________________________________|31.22%|7.5%
0.6600|~336O|x_o_x_o___o___o_x_________________________________|32.45%|5.58%
0.6480|~348O|x_o___________o___________________________________|33.67%|3.66%
0.6360|~36OO|x_________________________________________________|34.9%|1.74%
0.6240|~372O|__________________________________________________|36.13%|-0.18%
Column|||||||8_6_5_4_3_3_3_4_133_4_4_7_3_138_5_6_6_8_7_4_3_4_3_|
Count



BJF-Trading-Group_Excel_Chart

 

[MDunleavy]

Trade Idea:EUR/GBP - Sell Limit at 85.30 Target: 84.00 ; Stop:86.10
==========================================
The royal pair closed negatively yesterday below the initial support levels-turned into resistance at 0.8605-. Consequently, it might retest the broken downtrend line of the descending channel before resuming the bullishness, which is based on the suggested double bottom formation. We are not sure that the above mentioned trend line could assist the pair to consolidate once more as the indicators shows consecutive negative signs. Thus, we need more confirmation and therefore our outlook will be neutral until we see a stable move above 0.8605 zones.
The trading range for today is among the key support at 0.8420 and key resistance now at 0.8720

"P&F EURGBP1440 Box Size 120X3 or(4.49%) HI/LO
Data 0.9799 - 0.6244 ~ 92 Month ~ 2808 Day
Database 2000 records 0.85229 (Last Close)
2002-09-16 00~00
2010-05-25 00~00 (GMT+01:00) Paris
BJF Trading Group MDunleavy chart"



BJF-Trading-Group_Excel_Chart