eur-gbp currency forecast 2012

forex trading outlook today - eur-gbp currency forecast 2012 : Although the single currency edged higher in early part of 2011, the subsequent retreat has retained our view that wave V has ended at 0.9805 back in 2008 and consolidation with downside bias is seen for test of previous support at 0.8067 but a sustained breach below this level is needed to encourage for a stronger retracement of recent upmove to psychological support at 0.8000 and later towards 0.7740-45 (50% Fibonacci retracement of 0.5682 to 0.9805) but reckon previous chart support at 0.7690-95 would limit downside and reckon 0.7500 would hold from here, bring rebound later.

On the upside, whilst a recovery 0.8420-25 cannot be ruled out, price should falter below 0.8520 and bring another decline to aforesaid downside targets. Only above 0.8620 would suggest the fall from 0.9084 has possibly ended and bring test of 0.8665, break there would encourage for a stronger rebound to 0.8750 but it is necessary to see a sustained breach of key resistance at 0.8886 would prolong choppy consolidation and risk subsequent rise towards 0.9000. source www.actionforex.com..

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