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Euros To Pounds – Daily Candle Chart 1st April 2009

Yesterday’s candle added to the bearish flavour closing marginally lower on the day but with a long upper wick which significantly bounced off both the 9 and 14 day moving averages adding a degree of momentum to the downward move.  In addition this view has been enhanced this morning by the crossing of these two averages suggesting that we may see a move lower into today’s price action for the $uros to poundsr.

Whilst this could be considered a small trend one does have to bear in mind that we are in the midst of a broader picture of long term sideways movements and consolidation in the pair, a position that will only change once we see a break below the 40 day moving average and penetration through the support area at 0.8975 and lower.  My trading suggestion for today is to step aside and wait for the ECB rate decision due out tomorrow morning and conclusion of the G20 summit.

In the meantime you can keep up with all the latest currency news, live currency charts and $undamental newssimply following the appropriate links.  Details of an excellent ECN broker have also been included.