2009 March | euros to pounds

Archive for March 2009

Euros To Pounds – Candle Charts Weekly & Daily 31st March 2009

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Tuesday, March 31st, 2009

Sideways price action with a bearish flavour just about sums up the euros to pounds pair at the moment and my opinion remains the same as yesterday in that the only way to trade this pair profitably is over the longer term. Items of fundamental news in the economic calendar which may give some momentum include tomorrow’s Halifax HPI figures in the UK followed by the manufacturing PMI data and on Thursday ECB interest rate decision and press conference by Jean Claude Trichet.

Closer inspection of the weekly chart, which I have replicated in this post, shows a potential short term bullish move as we have the 14 week moving average crossing the 9 week and both sitting well above the 40 week ma and therefore you could try a small long position on any break above 94.65 with a tight stop.

In the meantime you can keep up to date with all the latest currency news, access live currency charts and the latest fundamental news by clicking the appropriate links. In addition just click the link for an excellent ECN broker.

Euros To Pounds – Daily Candle Chart 30th March 2009

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Monday, March 30th, 2009

My advice for today concerning the euros to pounds pair remains the same as for Friday, in other words the only way to trade this pair at the moment is either on a long time scale (in my opinion bearish) or alternatively on an intra day basis as we did so successfully on Friday, and I hope the chart I included gave you some confidence to attempt these shorter time frames.

Last Friday’s daily candle closed below both the 9 and the 14 day average but this gives us very little clue to trading opportunities for the next few days as the overall movement is sideways at present. The key news this afternoon which may bring some impetus to the market is a speech by ECB President Trichet who is testifying on the economy before the European’s Parliament Committee on economic and monetary affairs in Brussels. There is very little other news around today and, of course, the whole week will be dominated by the G20 summit being held here in London.

With regard to any possible trades for today you may probably be limited to scalping opportunities of a few minutes duration possibly looking to take a maximum of 5-10 pips on each – very difficult and needing much discipline. A quick glance at the 5 minute chart highlighted one such possible trade at 13.35 to buy on a bullish engulfing signal and is currently yielding around 14 pips.

You can keep up to date with all the latest fundamental news on the economic calendar, live news and latest currency news by following the appropriate link, and if you are looking for a good ECN broker themn I have provided some advice here.

Euros To Pounds – Daily ( & Ten Minute ) Charts 27th March 2009

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Friday, March 27th, 2009

Yesterday’s indecisive candle added further weight to my view that the euros to pounds pair are likely consolidate further in a sideways move, and until we see a sustained break above or below the regions I mentioned yesterday then it may be best to trade this pair on a longer time frame. In response to readers who are dedicated intra day traders my advice is that you would need to look at the 10 minutes for some trading opportunities. As an example I have included two charts – the usual daily above and the 10 minute chart below. As you can see between 9.30 and 9.50 this morning we had 3 consecutive shooting star candles with prices immediately moving lower and subsequently confirmed at 11.00 with a bearish engulfing signal – a classic set of signals.

As I write the price is still falling so by the time this post goes up you may be able to benefit. Market gossip attributes the fall to a large hedge funds liquidating its positions and the bad current account figures. This set up is typical of the sorts of scalping opportunities you will find, but the key as always is to be patient and wait for them to come to you – not to force them. This is also an excellent way to improve your trading skills and technical chart reading skills whilst making money. It is also very good for improving your money management and the discipline of placing stop loss orders.

You can keep up to date with the latest live currency charts, latest currency news, fundamental news on the economic calendar, or help with finding a good ECN broker, simply by following the appropriate link.

Euros To Pounds – Daily Candle Chart 26th March 2009

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Thursday, March 26th, 2009

Yesterday’s unexpected Gilt auction failure hit the British Pound as the market started to question the UK’s ability to continue its current fiscal and economic policy based on massive borrowing, a view echoed by the Governor of the Bank of England, Mervyn King. Depending on who you read this has not happened since either 1995 or 2002. Fortunately for the UK this morning’s auction for shorter dated Gilts was successful – not surprising given how far the yield flattened recently.

As result of the above the euro strengthened and the day finished on an upbar which closed just above all three moving averages suggesting once again that we are in for a long period of sideways consolidation unless and until we see a breakout above the 0.95 region or a break below the 0.8750 region, either of which will indicate to a more sustained trend. With the fundamental news for both eurozone and UK equally bad today’s trading can be best be described as neutral and it provides little opportunity in the way of a sensible, risk based trade. It may be that the only way to trade this pair is on a longer timeframe, in which case we will to wait for both the weekly and monthly charts to close.

My suggestion today is to step aside and wait for tomorrow when there are significant items of economic news pertinent to both the euro and British Pound. These include the Nationwide HPI, German preliminary CPI, current account for the UK and industrial new orders for Europe.

In the meantime you can keep up with all the live currency charts, latest economic news as well as all the fundamental news but simply clicking the appropriate links.

Euros To Pounds – Daily Candle Chart 25th March 2009

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Wednesday, March 25th, 2009

Yesterday’s wide spread down bar which penetrated both the 9 and 14 day moving averages, confirmed that we are likely to see a sustained period of sideways movement in the euros to pounds pair as outlined in yesterday’s post. As with many other currency pairs this makes longer term trading almost impossible and therefore my suggestion for today and for the next few days is to concentrate on looking for trading opportunities in the shorter time frames but even here the picture may be too contradictory to yield any significant profits.

One of the reasons for this pairs’ current sideways movement is that the fundamental data likely to give the price action some direction is not due out until Friday when the Nationwide HPI figures followed by UK sales should provide some interesting analysis of the state of the UK economy.

To keep up to date with all the latest currency news, live currency charts, economic calendar or fundamental news please just follow the appropriate links.

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Categories : Euros to Pounds Daily Chart

Tags : currency trading, daily candle chart, eur/gbp, euro pound, euro pound currency, euro pound rates, euro pound weekly chart, euro to pound, euro vs pound, euros exchange rates, Euros to Pounds Daily Chart, live charts, live currency charts, trading currency, weekly candle chart, weekly chart euro pound

Euros To Pounds – Daily Chart 24th March 2009

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Tuesday, March 24th, 2009

The promise shown in yesterday’s weekly candle chart of three white soldiers for the euros to pounds currency pair has not materialised and we were wise to take a cautious approach as this morning’s price action demonstrates, with a move back through both the 9 and 14 day moving averages. The failed attempt to clear the 9450 region now looks to be significant and we could be witnessing the start of a prolonged sideways move between 0.8750 and 0.9450 before any concerted move either higher or lower. With regard to any specific trade recommendation for today we may see some further downward pressure back to retest 91.55. However, this needs to be seen against the fundamental news for this particular pair which includes an important speech by the Governor of the Bank of England, Mervyn King who is due to testify before the House of Lords Economic Affairs Committee. This is followed 3 hours later by BOE MPC member David Blanchflower who is due to speak at Cardiff University. The latter’s speech may have a more muted effect as his tenure on the MPC is shortly to expire despite being one of the few economists who has correctly forecast this current crisis. All the other fundamental data released this morning relating to the euro is covered in detail on the euro to dollar site.

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Euros To Pounds – Weekly Candle Chart 23rd March 2009

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Monday, March 23rd, 2009

Last week’s weekly close gave us a candlestick formation which closely resembled three white soldiers which is often a clear signal for a bullish reversal. However, in this case as we are relatively close to an old top and the reversal could hardly be considered significant I would suggest caution using this signal in isolation. In addition the 9 week moving average is still below the 14 week and for any medium bullish move we will need to see the 9 week move back above the 14 so that all moving averages are pointing higher.

With the chart giving us somewhat contradictory signals it may be better to wait before opening any positions as these will be influenced by the raft of fundamental news out tomorrow.

In the meantime you can catch up with all the latest currency news, live currency charts as well as videos on support and resistance by simply following the appropriate links.

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Categories : Euros To Pounds Weekly Chart

Tags : euro pound rates, euros to pound, Euros to Pounds Daily Chart, live charts, live currency charts, monthly candle chart, trading currency, weekly candle chart, weekly chart euro pound

Euros To Pounds – Candle Chart 20th March 2009

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Friday, March 20th, 2009

The euros to pounds pair took a breather yesterday after the strong up move of the last few days and finished the day with a small spinning top suggesting that we might see a short term reversal in the next couple of days. For this pair it will be close on the weekly chart which may give us some idea of future direction and I will be considering this over the weekend. The key point to note from the chart is that the high of the last 2 days seemed to co-incide with the resistance at 0.9450 which might suggest that this provides stiffer opposition to any move higher than we first expected. A move up and through this region today would confirm the bullish tone but given yesterday’s indecision it would not be a surprise to see a small reversal today and into early next week. For today I would suggest you step aside and wait for the close of the week. The main fundamental news in Europe has already been released with the German PPI coming in worse than expected and the industrial production figures slightly better than expected. Neither had any major impact on this pair.

Check out the latest currency news in video format which now provides fantastic and detailed analysis of support and resistance for all the major pairs using a wide range of indicators including my own personal favourite, Ichimoku cloud, pivot points, Fibonacci and Bollinger bands. For the latest prices just check out the live currency charts and if you are looking for a good ECN broker just follow these links.

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Categories : Euros to Pounds Daily Chart

Tags : currency trading, daily candle chart, ECN brokers, eur gbp, eur/gbp, euro pound currency, euro pound February, euro pound rates, euro to pound, euro vs pound, euros pounds monthly, Euros to Pounds Daily Chart, live currency charts, major currency, trading currency, weekly candle chart, weekly chart euro pound

Euros To Pounds – Daily Candle Chart 19th March 2009

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Thursday, March 19th, 2009

Yesterday’s wide spread up candle continued into the evening session and we are now looking to retest the 0.95 region and above, with all three moving averages pointing to a move higher. As suggested in yesterday’s post a break above this region could see a retest of the previous high of around 0.98. The strategy for today is to buy anywhere around 0.94 region or above with a stop loss below 0.9225 We will looking closely at the weekly close for further confirmation of the medium and long term direction for this pair. The only fundamental news due out later today is a speech by Prime Minister Gordon Brown’s very own glove puppet aka the Chancellor of the Exchequer, Alistair Darling. So far most of his pronouncements have contributed to a further weakening of the British Pound of the British Pound.

Access to live currency charts, further fundamental news relevant to all currencies as well as the latest currency news is available by simply following these links, and if you are looking for a good ECN broker, then just click on the ECN link.

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Categories : Euros to Pounds Daily Chart

Tags : currency trading, daily candle chart, eur/gbp, euro pound, euro pound currency, euro pound rates, euro pound weekly chart, euro pounds candle chart, euros to pound, Euros to Pounds Daily Chart, live charts, live currency charts, major currency, trading currency, weekly candle chart

Euros To Pounds – Daily Candle Chart 18th March 2009

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Wednesday, March 18th, 2009

Despite terrible unemployment figures it was a leaked report from the IMF that propelled the euo pound back up to the 0.94 region in early trading. The report contends that the UK’s recession will be deeper and longer than other major world economies. With the breakout now confirmed and prices moving strongly above all three moving averages we could see a move back to retest the 0.95 level and even as high as the previous peak in December 2008 at 0.98. At this stage it is too early to say whether we will see any possible attempt at parity once again.

One of the biggest difficulties in trading currency is the unforeseen ambush of which this is a classic example as look at the hourly charts prior to this news just showed a continuation of yesterday’s drift. Having missed this move I would suggest we now wait to see what candle is actually formed on the day which may give us a clue for tomorrow’s trading.

The scheduled fundamental news is as detailed on the economic calendar. Live currency charts can also be accessed from this post.

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Categories : Euros to Pounds Daily Chart

Tags : currency trading, daily candle chart, eur/gbp, euro pound, euro pound currency, euro pound rates, euro vs pound, euros to pound, Euros to Pounds Daily Chart, live charts, live currency charts, major currency, trading currency, weekly chart euro pound

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Archive for March 2009

Euros To Pounds – Candle Charts Weekly & Daily 31st March 2009

Euros To Pounds – Daily Candle Chart 30th March 2009

Euros To Pounds – Daily ( & Ten Minute ) Charts 27th March 2009

Euros To Pounds – Daily Candle Chart 26th March 2009

Euros To Pounds – Daily Candle Chart 25th March 2009

Euros To Pounds – Daily Chart 24th March 2009

Euros To Pounds – Weekly Candle Chart 23rd March 2009

Euros To Pounds – Candle Chart 20th March 2009

Euros To Pounds – Daily Candle Chart 19th March 2009

Euros To Pounds – Daily Candle Chart 18th March 2009

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