Euro vs. Great British Pound (2012-05-04)

The support level of the descending channel prevents the pair from extending the downside movement, supported by the positivity of momentum indicators, where the pair rebounded slightly to the upside to retest the levels of 0.8170. In general, we expect the downside momentum to extend today, while two conditions are required for the suggested bearishness; the first is a clear breach of 0.8105 and the second is consolidation below 0.8170.

The trading range for today is among the major support at 0.8000 and the major resistance at 0.8170.

The short-term trend is to the upside as far as 0.7785 remains intact, targeting 1.0370.

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