The $uros to poundstrong>currency pair continues to consolidate in a relatively narrow trading range, and having established a relatively strong platform in the 0.8850 price region, the question now of course is will this provide the platform for a sustained move lower? Technically the daily fx chart for the euros to pounds pair is starting to take on a bearish flavour, with the lower highs of the last three up moves, suggesting that the market is running out of steam, with yesterday’s minor shooting star simply confirming this view. The key technical levels in the short term on the daily fx chart are now in place at 0.9150 to the upside and 0.8850 to the downside, and no doubt the euro will be influenced by this afternoon’s NFP data which is due for release shortly, with US dollar positive news prompting a possible sell off in the euro which may also be reflected in the euros to pounds pair to some extent, but with the UK economy still languishing in recession the pound is more of a basket case than the euro at present!

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