Euro Pound Chart 13 Nov 2009
A week of sideways price action for the euros to pounds pair, with the 0.89 price level now seeming to provide a platform of potential support, with the end of the week failing to confirm the bearish engulfing signal of Wednesday, with the above level offering support to prices on both Thursday and Friday. However, whilst we remain below all three moving averages, technically the picture remains bearish, and should this platform be confirmed, then we will need to see several factors combine in order for the bullish momentum to be confirmed once again. Firstly ofcourse we need to see a break and hold above initially above the 0.91 price level, followed by a move above the 0.935 level in due course. Secondly, and as a result, we should see move above all three moving averages once again, and if these two factors combine, then we can assume that the bullish sentiment has returned to the euros to pounds pair, and if so, then the reversal of the last few weeks will be seen in the context of a longer term rally higher.
Support & Resistance Pound Euro:
S1: 0.8907 R1: 0.8965
S2: 0.8878 R2: 0.8994
S3: 0.8849 R3: 0.9023
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