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Euros To Pounds – 27th February 2009

The $uros to poundsr continue to move in a falling wedge, suggesting that we will see a break lower in due course. The last few weeks simply confirm this view, but before we enter any long term trades I would suggest waiting for prices to break below the lower edge of the wedge, which at the moment is looking towards the 0.86 region as a possible entry point. In the meantime we have to take a wait and see approach with this pair for the time being. The moving average are providing little in the way of any confirmation, and unless you are trading an options strategy, or a fixed odds no touch trade, then I would advise you to stay out, until we see some clear trading signals in the market. The European $undamental news already been released with little impact on the currency, and with no news in the UK for today, expect to see more sideways action ahead of the weekend. I will be back on Monday with more news and update and let’s hope we see some significant price moves next week for the euro pound pair.