05th Apr - EUR/GBP Bears Still In Control
05 April 2012
WEEKLY CHART:
The old 0.8190 76.4% retracement level has been providing support so far this year. A breach would quickly turn attention to the 0.8065 2010 low.
DAILY CHART:
In Feb the cross rallied to find good resistance from the area of the 0.8482 10-Nov low and old channel base.
The ensuing slip back has moved closer now to the 0.8218 Jan low. A break below this would open up lower targets such as a Fibo projection at 0.8010, and the bear channel base projection just below.
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5th April - The Euro's vulnerability resurfaces