By FXEmpire.com
EUR/GBP fell for part of the session, but managed a bounce, and at the end of the Monday session formed a long-legged doji. The pair is approaching the 0.82 level, which was the bottom of the pair back in January, which should be supportive. Because of this, we are waiting to see if the pair can close below that handle before we sell. A bounce would only invite selling as well, as the 0.83 level should also be resistance as well. We are not buying this pair at this point, as the downdraft has been very impressive, and the European Union simply has far too many problems to be bothered with owning the Euro.
EUR/GBP Forecast April 10, 2012, Technical Analysis
Originally posted here
