Home » Euros to Pounds Daily Chart » Euros To Pounds – Candle Chart 13th March 2009

Euros To Pounds – Candle Chart 13th March 2009

This week’s rally in the $uros to poundsr finally ran out steam as suggested yesterday, with a classic roll over pattern of four up bars all with increasingly narrow spreads – a classic signal that a move has run it’s course, and the market is telling us that a reversal is likely to follow. This has duly arrived this morning with prices falling fast in early trading – what the candles do not tell us is whether this is a temporary or longer term reversal. With prices well above all three moving averages we must now wait for confirmation from the western indicators. The first will be a break back below the 9 and 14 day averages, and it is interesting to note that the high of yesterday failed to break the resistance above at 0.9345, adding weight to the move lower this morning. The support level now set below in the recent consolidation range will prove key in any bearish move longer term, so in the short term our trades will be limited to intra day position trading and scalping, until the longer term position is clearer.

In order to help you with your trading I have added several new services to the site. First there is an economic calendar which provides details of all the $undamental newsms from around the world, including details of the forecast and previous figures, but if you prefer your news on video, then the latest currency news is the place to go, with updates three times a day. In addition there is a live news feed, and for the latest prices, live currency charts covering over 70 of the world’s most popular traded pairs. Finally if you would like help with choosing your ECN broker, I have provided some guidance and suggestions for you, which I hope you find useful.