MBCFX
#EUR/GBP Technical Analysis for June 19th, 2012 by MBCFX.com
The EUR/GBP started his downward movement since July 1st 2011 from the 0.9081 level to reach the 0.7951 level on May , 15th , 2012 , means it dropped by 1130 points .
We notice on the daily chart , that the EUR/GBP make some up corrections after every decrease means after every downward movement and this is called the correction step , then to resume its general downward trend.
We also notice, that the prices are in the correction step within a bullish flag in a down trend and if it breach down the main support level of 0.8042, this is a signal that it would finish the correction step to resume the downward trend.
The next expected target would be towards the 0.8018 level then to the 0.7979 level.
As for the key resistance level, it lays at 0.8083
www.mbcfx.com/news/news_en19_06.html
#EUR/GBP Technical Analysis for June 19th, 2012 by MBCFX.com
The EUR/GBP started his downward movement since July 1st 2011 from the 0.9081 level to reach the 0.7951 level on May , 15th , 2012 , means it dropped by 1130 points .
We notice on the daily chart , that the EUR/GBP make some up corrections after every decrease means after every downward movement and this is called the correction step , then to resume its general downward trend.
We also notice, that the prices are in the correction step within a bullish flag in a down trend and if it breach down the main support level of 0.8042, this is a signal that it would finish the correction step to resume the downward trend.
The next expected target would be towards the 0.8018 level then to the 0.7979 level.
As for the key resistance level, it lays at 0.8083
www.mbcfx.com/news/news_en19_06.html