Home » Euros to Pounds Daily Chart » Euro Pound Daily Candle Chart – 12th March 2009

Euro Pound Daily Candle Chart – 12th March 2009

Yesterday’s daily candle continued the short term uptrend in the euro pound but again with a considerably narrower spread which suggests that this rally may be running out of steam, particularly when combined with present thin market volumes.  For any up move to continue we will need to see the 94  resistance level immediately above penetrated or else this will have to be considered yet another false breakout, which is my own personal opinion.  In the medium term I would expect more sideways movement and for bearish sentiment to prevail in the longer term.

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