 |
| EURGBP DAILY as of 11.22.11 |
Identifying the Pivotal point for the EURGBP Cross rate after its continued downward trend momentum from the registered highs of 0.8820 down to the 0.8484 is very difficult. Although, based from our previous market view report dated the 1st of November where we called a probable low between 0.8420-0.8460. (Pls. refer to EURO, EURGBP & GBPJPY price reversal on our website)
The registered low then was at the 0.8484; not too far from our calculations and it was at the 23.6 Fibonacci support retracement levels providing a similar support. And thereafter, the 2nd re-test of that price extension dated the 10th of November and closed above the 0.8550 spinning top candlestick bar for the weekly have indicated a halt on the extension. The succeeding bar was not as signficant as the correlation with the negative news reports in the Euro Zone prevailed and still is up to this writing. As the obvious reports coming from both sides tries to outweigh trade investors to play the markets in a defensive mode. For a detailed technical outlook and analysis please visit: http://www.megatrade101.com/
Do expect some pullbacks in between trading session in Europe, Asia and the US as the coming Turkey holiday is just around the corner.
Only the best for your trades!
No comments:
Post a Comment