Monday, December 6, 2010

EUR-GBP Technical Analysis - 06 December 2010

EUR-GBP long-term perspective still uncertain as MACD and stochastic are moving in contra-direction against each other. MACD is heading downward while stochastic is upward, maintaining the strong balance of power between the bullish and bearish traders at 50% Fibonacci support resistant level.

However since MACD is dominant over the stochastic, the trend movement should favor down side in the long-run. Fibonacci analysis shows that the ideal place for downfall should reside somewhere at 61.8% Fibonacci line see chart below.

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