FX TECHNICAL ANALYSIS MAJORS REPORT
TREND EURO, US DOLLAR, YEN, BRITISH POUND SPOT PRICE
16/03/2012
EURUSD USDJPY EURJPY EURGBP
EUR/GBP
Te cross eur/gbp was first traded in January 1999, at around 0.7100, and fell to a historical low at 0.5683 in May 2000. From that bottom, the euro began moving upwards, entering progressively a major up-trend, and reaching a historical high at 0,9809 on January 1st, 2009 (+72.6% vs. the May 2000 low). From that peak a strong correction drew the cross down to a low at 0.8070 in June 2010. From that level a rally pushed the cross to a peak at 0.9083 on July 1st, 2011. In the second semester 2011, the down trend resumed, pushing the cross to a
low at 0.8221 on January 9th 2012. In the last two months the cross recovered to a top at around 0.8500, consolidating then above 0.8280. As long as the cross remains below 0.8600-0.8700 the outlook remains very weak, with possible new falls below the support at 0.8280, for a new test of the key support at 0.8065. A positive signal for the coming months would be triggered above 0.8850 but only a break above the key resistance in the 0.9000-0.9100 area (unlikely) would provide a bullish signal.
1.3177 83.29 109.76 0.8314
01/01/2011
1.3366 81.19 108.64 0.8575
∆%
-1.4% 2.6% 1.0% -3.0%
1.4331 93.14 133.22 0.8858
01/01/2010 ∆%
-8.1% -10.6% -17.6% -6.1%
TREND
Trend 3-6 months Trend 6-12 months Trend 12-18 months
side/down side/down down/side
86 FX TRADER MAGAZINE April - June 2012
S1 S2 S3
SUPPORTS 0.8280
0.8065++ 0.8000
0.8314
SPOT PRICE
R3 R2 R1
RESISTANCES
0.9000-0.9100++ 0.8850
0.8600-0.8700+
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