Last Updated on 09 November 2012
EURGBP: Maintains Below Key Support.
EURGBP- With the cross vulnerable as it now holds below its broken support, further downside is likely. It requires a continued hold below there to create scope for a move lower possibly towards the 0.7890 level. A cap is likely to occur and turn it higher but if violated expect further downside to occur towards Its daily is bearish and pointing lower supporting this view. On the upside, the cross will to return above the 0.8029 level you its here could see the cross extend its upside towards present downside pressure and set the stage for a the 0.8163 level where a break will aim at the 0.8200 level. All in all, the cross remains biased to the downside on further bear threats.
EURUSD: Takes Out Key Support, Eyes More Weakness.
EURUSD: The pair has broken and held below its key support at the 1.2822 level. You will recall we have been watching that level for a long time. We see two things happening. One, EUR will have to hold below this support to validate its break and second, a failure to hold below here could mean further upside offensive could follow. If the former plays out, expect further declines towards the 1.2755 level. We expect a cap to occur here and possibly turn the pair higher again. But if broken, expect further declines to develop towards the 1.2625 level. Its daily RSI is supportive of this view. On the upside, resistance resides at the 1.2822 level where a reversal of roles could occur. However, if this fails, further upside should build up towards the 1.3000 followed by the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level with a cut through here calling for a move further higher towards its weekly ema at 1.3415 level. All in all, EUR faces further downside threats.
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