EUR/GBP Forecast Dec. 9th, 2011, Technical Analysis

EUR/GBP fell fairly hard during the session on Thursday as the Euro region continues to find one problem after another. The headlines coming out of Europe aren’t overly positive at the moment, and the world is waiting for the end of the EU summit in order to see a possible solution. It looks like the markets might be disappointed though, based upon the leaks that are coming out of those meetings.

The daily candle formed a hammer right at the 0.85 level, and this shows the support level is still intact. The breaking of the daily range from Thursday would be very bearish indeed and have us aggressively short of this pair. A break of the top of Thursday’s range has us in a short-term scalp for about 50 pips on the long side.

EUR/GBP Forecast Dec. 9th, 2011, Technical Analysis EUR/GBP Forecast Dec. 9th, 2011, Technical Analysis

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