20 February 2011 Last Updated on 26 February 2013 Mohammed Isah

Daily Technical Strategist Feb 26-2013 - Written by Mohammed Isah
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EURGBP- Consolidates On Upside Failure.

EURGBP- With an unsustained rally at the 0.8814 level seeing the cross turning lower on Monday, further price consolidation cannot be ruled out. This could force further downside towards the 0.8567 level. However, while this level caps, there is risk of an eventual return to the 0.8716 level. This if seen will leave it targeting the 0.8800 level, its psycho level and then the 0.8500 level. On the downside, EURGBP will have to break and hold below the 0.8716 level and the 0.8446 level to annul its upside and bring further declines towards the 0.8400 level and possibly the 0.8350 level. All in all, the cross remains biased to the upside medium term its consolidation risk.

Daily Analysis
USDCAD: Maintains Above Trendline Support.
USDCAD:  The pair is holding above its trendline it rejected on Monday. This suggests that corrective recovery risk is building up possibly towards the 0.0990 level. A violation will call for a run at the 1.0083 level. Above here will trigger its medium term uptrend followed by the 1.0125 level. On the downside, support comes in at the 0.9885/73 levels where a reversal of roles as support is likely to occur and turn the pair higher. However, if this fails, further declines should build up towards the 0.9692/31 levels. A breach of here will call for more declines towards the 0.9500 level. All in all, USDCAD remains biased to the upside in the short term above its trendline support.


Note: This is an excerpt from The Professional Suite, our daily 7-currency research package covering EURUSD, GBPUSD, USDJPY, AUDUSD, EURJPY, EURGBP and USDCAD. Get The Full Package Including 3 FREE Bonuses Now



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