EUR/GBP Forecast August 13, 2012, Technical Analysis
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EUR/GBP had another horrible day for the Euro on Friday as the downtrend continues. In fact, it looks like we have broken the up trending line of what would’ve been the bearish flag. This looks like we are heading back down towards the 0.75 level still, and as such we are short. In fact, we are willing to add to this position every 50 pips or so in till we had 0.75 because the pair is so bearish.
It should also be noted that the British pound is currently struggling to get above the 1.57 level against the US dollar, like keeps fighting and simply refuses to give up. The lows are getting higher on the chart, and as such it looks like there’s a real strength behind the British pound. With this being the case, it makes perfect sense of this pair continues to fall. If the Pound can get above the resistance in the US dollar, this pair will absolutely meltdown.
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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