The EUR/GBP pair rose during the session on Tuesday, but we currently are heading towards the 0.8150 level, an area that we see as being overly resistive.
The EUR/GBP pair rose during the session on Tuesday, but we currently are heading towards the 0.8150 level, an area that we see as being overly resistive. We think that pullbacks very likely up in this general area, and as such are looking for some type of resistant candle in order to start selling. A large red one, a shooting star, or anything along those lines will be good enough for us to take a small short term position to the downside. Alternately though, if we managed to break over the 0.8175 level, we will consider this pair broken out, be willing to buy it, and be willing to hold it.
EUR/GBP Forecast December 5, 2012, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
