FX TECHNICAL ANALYSIS MAJORS REPORT
TREND EURO, US DOLLAR, YEN, BRITISH POUND
SPOT PRICE
EURUSD USDJPY EURJPY EURGBP
EUR/GBP
Te downward trend of Euro/Sterling, that has been developing from the end of 2008’s peak around 0.9800, brought the cross to a bottom at 0.7757 at the end of July 2012. From such bottom a strong rally pushed the cross back to a peak at 0.8815 on February 25th, 2013. Ten a correction took place, with a recent fall towards 0.8250. In spite of the recovery that took place aſter 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.
As long as the cross stays below 0.8600, the picture remains weak. A new bearish signal would be triggered by a break below 0.8250, with a first important target at 0.8100 and extensions towards the July 2012 bottoms around 0.7750. Te technical outlook would improve in case of a recovery above the strong resistance area 0.8815/50 (not very likely), with possible extensions towards 0.9100/50. For a strategic bullish signal an overcome of the key resistance area 0.9100/50 remains necessary (unlikely).
11/12/2013
1.3789 102.64 141.54 0.8410
01/01/2013
1.3198 86.64
114.43 0.8117
∆%
4.5% 18.5% 23.7% 3.6%
01/01/2012
1.2929 76.78 99.68 0.8328
∆%
6.7% 33.7% 42.0% 1.0%
01/01/2011
1.3366 81.19 108.64 0.8575
∆%
3.2% 26.4% 30.3% -1.9%
01/01/2010
1.4331 93.14 133.22 0.8858
∆%
-3.8% 10.2% 6.2% -5.1%
TREND
Trend 3-6 months Trend 6-12 months Trend 12-18 months
side
side/down up-side
S1 S2 S3
78 FX TRADER MAGAZINE January - March 2014
SUPPORTS 0.8250
0.8100-0.8200+ 0.7750++
0.8410
SPOT PRICE
R3 R2 R1
RESISTANCES
0.9000-0.9100++ 0.8815/50+
0.8600-0.8750+
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