Saturday, September 4, 2010

she promised to run naakked through the streets if Paraguay won the World Cup

Forex view :-
* Day: The daily chart shows the EUR/GBP going up against a declining trendline.
* The market is reacting by pausing the rally at 50% retracement, 0.8350 level.
* Note the RSI is remaining under 60 for now and is turning lower.
* The 0.8400 area is 61.8% retracement, and is the resistance zone for this pair. Will the market extend a little further ? Or will there be topping action here at 0.8350?
* In any case, the bearish scenario is invalid if the market breaks above the 78.6% retracement area and previous support at the 0.8450/60 area.
* If the bearish scenario follows through, we have 2 suggested swing projections that target the zone between 0.7850 and 0.7950.

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