TECHNICAL ANALYSIS MAJORS REPORT TREND EURO, US DOLLAR, YEN, BRITISH POUND
SPOT PRICE
EURUSD USDJPY EURJPY EURGBP
EURO/GBP The downward trend in the EUR/GBP, that has
been developing from the end of 2008’s peak around 0.9800. It brought the cross to a bottom at 0.7757 at the end of July 2012. From that bottom a strong rally pushed the cross back to a peak at 0.8815 on February 25th, 2013. Then a correction took place, with a consolidation in the last months above the support at 0.8400, and below the resistance area 0.8600/35. In spite of the strong recovery that took place after July 2012, the technical picture does not show clear
signals of a developing long-term bullish trend yet. On the contrary, last months’ dynamics reveals a persistent fragility, at least as long as the cross remains below 0.8600-0.8750. A new bearish signal would be triggered by a break below 0.8400, with a first important target at 0.8200, with a continuation towards 0.8100. A break of such a strong support level (premature) would provide a bearish signal for the coming months. New buy orders are set above 0.8815/50 (not very likely).
17/06/2013 01/01/2013
1.3006 98.50 128.11 0.8545
1.3198 86.64
114.43 0.8117
∆%
-1.5% 13.7% 12.0% 5.3%
01/01/2012
1.2929 76.78 99.68 0.8328
∆%
0.6% 28.3% 28.5% 2.6%
01/01/2011
1.3366 81.19 108.64 0.8575
∆%
-2.7% 21.3% 17.9% -0.3%
01/01/2010
1.4331 93.14 133.22 0.8858
∆%
-9.2% 5.8% -3.8% -3.5%
FX
TREND Trend 3-6 months side S1
Trend 6-12 months up-side S2 Trend 12-18 months up-side S3
SUPPORTS
0.8400+ 0.8300
0.8100-0.8200++
SPOT PRICE 0.8545
RESISTANCES
R3 0.9000-0.9100++ R2 R1
0.8815/50+ 0.8600-0.8750+ FX TRADER MAGAZINE July - September 2013 72
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