Published on Thu, 2/07/09 |
Euros to Pounds Daily Chart
Euro vs Pound - Currency Exchange Rate Chart 2nd July 2009
The euros vs pound pair seems to have found some much needed support in the 0.84 to 0.85 price region and indeed Tuesday’s hammer candle provided further evidence that we may be seeing a rebasing at this level. Wednesday’s wide spread up bar confirmed this bullish view which was reinforced by a crossing of the 9 and 14 day moving averages suggesting that the recent long down trend may have come to a temporary halt. The key to whether this is a temporary move higher or a sustained rally, will be threefold: First we need to see a break above the resistance now in place in the 0.86 region, secondly a break and hold above the 40 day moving average and finally a penetration of the second, and much strong resistance in the 0.88 price region. If these factors manage to combine then we could see a rally to re-test the 0.90 level last seen back in early May. One possible driver for such a rally will be this afternoon’s ECB rate decision and statement which is Euro positive could see the Euro rise against both the US Dollar and British Pound.
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Published on Thu, 25/06/09 |
Euros to Pounds Daily Chart
As outlined in yesterday’s market commentary and subsequently by the down bar which closed below the 9 day moving average, it now seems as though we are in for a period of sideways consolidation for the euros to pounds pair and indeed this morning’s higher has so far negated the down bar of yesterday. With [...]
Published on Wed, 24/06/09 |
Euros to Pounds Daily Chart
Yesterday’s price action on the euros to pound daily chart ended the day on a positive note and a wide spread up bar which closed the day marginally above the 14 day moving average but with a relatively deep shadow to the top. The modest uplift in prices came as no great surprise following Monday’s [...]
Published on Mon, 22/06/09 |
Euros to Pounds Daily Chart
Friday’s candle merely reinforced our view that the short squeeze of Thursday was very short lived only lasting for the morning session before prices fell back to close below the 9 day moving average creating a nice bearish candle. As a result Friday’s price action continued the move lower, as expected, finishing the day well [...]
Published on Fri, 19/06/09 |
Euros to Pounds Daily Chart
Yesterday’s interesting candle on the daily chart for the euros to pounds pair suggests that the short squeeze was very short indeed and is apparently over, as the day finished with a huge “shooting star” candle which opened and closed at the same point and with a deep, upper wick. This suggests that the attempt [...]
Published on Thu, 18/06/09 |
Euros to Pounds Daily Chart
Following Tuesday’s doji (spinning top) candle yesterday’s up bar came as no great surprise with the market taking a breather and some profits after the steep down trend of the past 2 weeks. The high of the session failed to breach the 9 day moving average suggesting that the short squeeze we are seeing may [...]
Published on Wed, 17/06/09 |
Euros to Pounds Daily Chart
Yesterday’s doji candle on the daily chart for the euros to pounds pair indicated a degree of indecision in the market and a possible pause point in the current steep fall, and indeed this has translated into a short squeeze higher in early trading today, which should be seen as an opportunity to enter further [...]
Published on Tue, 16/06/09 |
Euros to Pounds Daily Chart
Yesterday’s wide spread down bar added further momentum to the already bearish tone for the euro to pounds pair and closed the day well below our initial price target for the trend of 0.85 as we now hurtle headlong towards our next interim target at 0.80 where stubborn support awaits. With all three moving averages [...]
Published on Mon, 15/06/09 |
Euros to Pounds Daily Chart
With all three moving averages pointing sharply lower for the euros to pounds pair, Friday’s indecisive candle provided only a momentary respite before prices continued lower in today’s trading session, with our initial price target of 0.80 now firmly on the horizon. A check on the weekly chart confirms this bearish momentum with the high [...]
Published on Fri, 12/06/09 |
Euros to Pounds Daily Chart
Yesterday’s down candle on the euros to pounds daily chart made it five in a row taking the pair below the 0.85 price point outlined in yesterday’s market commentary, which was our initial target for the trade. With all three moving averages now pointing lower this trend now seems firmly established and our next target [...]
Published on Thu, 11/06/09 |
Euros to Pounds Daily Chart
There is only one way to trade the euro sterling at present as I outlined in yesterday’s market commentary and that is to trade on the short side for the time being and indeed in today’s London session we have already breached our initial target of 0.85. Yesterday’s candle produced a nice neat widespread down [...]
