Monday, February 14, 2011

EUR-GBP Technical Analysis - 14 February 2011

There is seems to be strong resistant for the EUR-GBP pair to move down, even though the MACD is already on the downward direction. But the situation is never to be underestimated because it can happen drastically at any unexpected moment. Let's see the EUR-GBP in technical point of view in the long-term trend in monthly time frame.
  • Chart Trend = Gradual movement downward indicating that the trend is building momentum for drastic fall downward.
  • MACD = Pointing downward, supporting the trend to fall further.
  • Stochastic = Pointing upward, maintaining the short-term resistant for the pair not to fall too quickly.
  • Overbought = The previous overbought position at 0.9500 re-enforce the need for correction downside.
If the above condition failed to materialize and the resistance is able to defend itself until MACD switch direction upside. Then the shift of power to Bullish might be more imminent.

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