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Euros To Pounds – Daily Candle Chart 18th March 2009

Despite terrible unemployment figures it was a leaked report from the IMF that propelled the euo pound back up to the 0.94 region in early trading.  The report contends that the UK’s recession will be deeper and longer than other major world economies.   With the breakout now confirmed and prices moving strongly above all three moving averages we could see a move back to retest the 0.95 level and even as high as the previous peak in December 2008 at 0.98.  At this stage it is too early to say whether we will see any possible attempt at parity once again.

One of the biggest difficulties in trading currency is the unforeseen ambush of which this is a classic example as  look at the hourly charts prior to this news just showed a continuation of yesterday’s drift.  Having missed this move I would suggest we now wait to see what candle is actually formed on the day which may give us a clue for tomorrow’s trading.

The scheduled $undamental newsas detailed on the economic calendar.  Live currency charts can also be accessed from this post.