Today's First For Trading Call

EURGBP - Measured move signals higher levels; Bullish above .7965

Ian Coleman - First 4 TradingIan Coleman - First 4 Trading , Analyst, First 4 Trading
Filed in Today's First4Trading Call
United Kingdom, 02 October 2012 at 06:33 GMT+0
Recommended Recommend Unrecommend Recommend

Mild selling overnight in EURGBP was short-lived and levels inside the daily Ichimoku Cloud found buyers once more. This resulted in the cross posting a bullish outside day. Although the cross has stalled overnight there is no indication that the bias has changed. A full AB=CD formation would take the cross to .8014. A break here and we look to focus on .8042, a 61.8 percent pullback of losses from .8115 to .7923. Our call is Bullish above a stop of .7965.

The profit targets are .8014, .8030 and .8042.

The risk however would be with selling through a stop of .7965, a break of the intraday Marabuzo.

EURGBP 4hr

EURGBP Daily

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