Home » Euros to Pounds Daily Chart » Euro Pound Technical Analysis 16 Nov 2009

Euro Pound Technical Analysis 16 Nov 2009

A week of sideways price action for the $uros to poundsr, 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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