Tuesday, September 21, 2010

EURGBP—Potential short

The high in this pair today, so far, has been .8470. This is getting near strong resistance in the low to mid 8500 range. .8517/20 are the monthly 10 and 20 EMA respectively, .8531 is price resistance, .8556 is a fib retracement level. On the weekly chart you can see the pair has been consolidating in what is probably the 4th wave of the move down. I'm looking for a short once it gets near .8500/31. Certainly if the pair definitively closed above that it would confirm the lows as a base. More to come on this pair. Here's the weekly chart:

© Dianne Fecteau, 2010. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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