EUR/GBP

dl.dropboxusercontent.com/u/7238706/EURgbp.png

Not having broken the resistance at 0.8815 it looks like this will head south to the target area between 0.826 and 0.814. Personally I favour the upper end as there is significant support in that area.

Taking the opposite view, it hasn't broken out of the up trend as yet so could easily bounce from here and break the 0.8815 resistance.

Interesting times ahead.....

worth a long on first attempt of that trend line at 8564..If this attempts this in a few days time then it would have the back up of the horizontal support(8572) as well.Possibly around the 15th aug. Obviously the levels change daily on the trend lines

The trendline broke on that but it may be forming a hammer at support on today's daily chart:



dl.dropboxusercontent.com/u/20815047/EURGBPdaily11_09_13.png

I'd only expect it to backtest the trendline around the 8530-40 level though as it looks to me as if it's heading to the 61.8% Fib where there's also support from a previous high in Oct 2012 at 8161

Thats the thing with trend lines..once they break the moves can be powerful

I'd only expect it to backtest the trendline around the 8530-40 level though as it looks to me as if it's heading to the 61.8% Fib where there's also support from a previous high in Oct 2012 at 8161

I reckon you could be spot on Jackozy.......


dl.dropboxusercontent.com/u/7238706/EUR_GBP.png

....though there is a possible at 0.82251 from last December, which is in the target area between 50 & 61.8%

Possible 123 low forming??
Long above 0.8475 with tight stops
Stops should be below 2 point if this activates

dl.dropboxusercontent.com/u/4899609/eurgbp24thsept.png