The EUR/GBP pair initially surged during the week as we attempted to break above the 0.82 handle. However, by the close of business on Friday we had
The EUR/GBP pair initially surged during the week as we attempted to break above the 0.82 handle. However, by the close of business on Friday we had formed a pretty impressive looking shooting star. The week before produced a hammer though, so now we have to wonder whether or not this was a false breakout, or simply a pullback looking for support. At this point time, we would suspect that we are going to consolidate somewhere between 0.82 and 0.81. With that in mind, we do not find a nice long-term trade set up until we break out of this area in one direction or the other.
EUR/GBP forecast for the week of December 31, 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.
