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Euros To Pounds – Daily Candle Chart February 9th 2009

Friday was a disappointing day, following Wednesday and Thursday’s wide spread down bars, as we would have expected this to follow through with three wide spread down bars. Instead we ended the week with a small doji cross, bringing the move to a temporary halt for the euro pound pair. However as we can see, all three moving averages are now pointing lower, and I expect to see the move continue this week, possibly to re-test support at the 0.85 level. Adding weight to the move is the fact that we now have some significant resistance above in the 0.9000 region providing some protection in the event of a rally in prices. There is little in the way of significant $undamental newss week for the euro, and I have covered the main news of the UK pound on the weekly post. The end of the week will be dominated by the G7 meeting, which may cause volatility in the markets when they re-open on Sunday evening, so I would suggest that any positions on Friday are closed or covered.

My suggested trading for today is to attempt small short positions with a stop loss above at 0.9100