Thursday, April 29, 2010
The Euro has appreciated against the Pound on European session and rebound at 0.8625 low on Asian session, has extended to 0.8690 high, taking back all the ground lost on Tuesday, to reach levels right below 0.8700 resistance area.
The Euro needs to break and hold above 0.8680 level in order to confirm upside momentum, says César Leiceaga, technical analyst at Deltastock.com: "Capped by short term bearish trendline. Needs a brake above 0.8680 to consider a bullish continuation up to 0.8750 resistance. Favour the downside."
On the log-term, the bias is neutral, says Leiceaga: "Longer term bias is neutral for the pair, the wide range between 0,8600 and 0,9100 needs resolution."