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EUR/GBP Daily Analysis, September 9, 2011

By: Doug Rosen

The EUR/GBP approaches the end of the week bouncing off last month's low.  It is also bouncing off the Weekly S2 Reversal Pivot as well as the Daily S1. 

 EUR/GBP 4hour Analysis, September 9, 2011

Since I do expect weekly profit taking from the bearish pair I would also expect bounces to the upside.  If price were to break back up above yesterday's low of 0.8694 I would wait for it to reach the 0.8724 region then pull back. 

I would then expect it to bounce back down to around 0.8700 then I would look to take this pair long with a stop loss 0.8685 and expect this pair to reach 0.8743  If this pair was to break 0.8640 I would then consider taking a short and leaving a tight stop loss at around 0.8650  I would be more bias to the upside due to Friday profit taking since this pair is sitting on strong support.

 EUR/GBP 15minute Analysis, September 9, 2011

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