Next Week Currency Watch EUR/GBP

EUR/GBP closed at a very important level of .8502. Why it is important? Because that level acted as a resistance on July 19, 2010 and then it fell from that level to .8150 before it bounced back to .8900 in October 2010. This is also just above 20SMA and the mid point of Bollinger band. MACD showing oversold and there is a sign of reversal. Last but not least, .8502 is very close to 50% fibo retracement of .8538 which also can act as a short term resistance.


Our strategy: Take long if daily close at or above .8538. TP will be .8610 and SL below .8470

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