Home » Euros to Pounds Daily Chart » Euros To Pounds – Daily Candle Chart February 16th 2009

Euros To Pounds – Daily Candle Chart February 16th 2009

The daily candle on Friday provided little in the way of a signal or confirmation of previous moves during the week for the $uros to poundsrong> pair. The most interesting aspect of the candle is the length of the lower wick, which shows a deep retest back into old ground. In other words the bears tried to take control, but the bulls won the day, with prices falling and then recovering with a down body on the day. Whilst prices did cross both the 9 day and 14 day moving averages, they recovered to close above, suggesting that we may see a short term move higher during the week, which is as suggested on the euros to pounds weekly chart . Adding some weight to this is $nalysisthe support line at 0.8830, which has been touched no less than five times in the last five weeks with prices bouncing higher in the short term. As the markets are closed in the US and Canada today, I would therefore suggest waiting for tomorrow before considering open a long position, but one which may only be in place for a few days, and with a stop loss below the 0.8650 region. There is very little $undamental news today and I have commented on the various data released on the euro to dollar, and pounds to dollars weekly posts

The short term outlook is bullish, the medium to long term is bearish.