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Euros To Pounds – Currency Chart 21st September 2009

Forex Chart $nalysis211; $uros to Poundsrong>

The euros to pounds currency pair, ended a strong trading week with yet another wide spread up bar, which provided the icing on the cake for euros to pounds bulls, and perhaps more significantly having breached the strong resistance level channel between the 0.8750 and 0.8950 price region. With this level having been breached, and with all three moving averages pointing sharply higher, we should now see a continuation of this upwards trend in the short term, supported by the platform of prices below, which should provide protection from any short term reversal lower which may come as currency traders bank some profits as the markets takes a breather on Monday.

With very little $undamental newsthe economic calendar, either in the UK or in Europe, we may see a relatively quiet trading day, with the euros to pounds pair moving sideways as a result, before that news flow gets underway on Tuesday once again. Monday’s news is limited to some minor housing data, and a BOE quarterly bulletin, which should contain little in the way of surprises for the currency markets, so in summary, a quiet day, with the bullish trend set to continue later in the week with a target of 0.92 now clearly in sight for the euros to pounds pair.

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