EUR/GBP

The trendline broke on that but it may be forming a hammer at support on today's daily chart:



dl.dropboxusercontent.com/u/20815047/EURGBPdaily11_09_13.png

I'd only expect it to backtest the trendline around the 8530-40 level though as it looks to me as if it's heading to the 61.8% Fib where there's also support from a previous high in Oct 2012 at 8161

worth a long on first attempt of that trend line at 8564..If this attempts this in a few days time then it would have the back up of the horizontal support(8572) as well.Possibly around the 15th aug. Obviously the levels change daily on the trend lines

dl.dropboxusercontent.com/u/7238706/EURgbp.png

Not having broken the resistance at 0.8815 it looks like this will head south to the target area between 0.826 and 0.814. Personally I favour the upper end as there is significant support in that area.

Taking the opposite view, it hasn't broken out of the up trend as yet so could easily bounce from here and break the 0.8815 resistance.

Interesting times ahead.....

redchilly wrote: On my chart it has already blown through the resistance

I am already long on this from 10th of June and its in a STRONG uptrend!

Hi redchilly
well done mate...
That trend line on my chart goes back way further.Goes back to 2008 So this break could be significant if it can stay above.


dl.dropboxusercontent.com/u/4899609/eurgbp31stjulyl.png

On my chart it has already blown through the resistance



I am already long on this from 10th of June and its in a STRONG uptrend!

This broke out.....its normally good to short on a first attempt basis but if the price closes near the shorting area then best step aside. Like in this example.
The price should move higher now but confirmation will only come once this can move above 8814 so i will be shorting on first attempt of 8814.
If this finishes above that trend line(8715) then it also could signal the new up trend.


dl.dropboxusercontent.com/u/4899609/eurgbp31stjuly.png