euros to pounds daily chart

Euro Pound chart – 4th November 2010

Following the FED meeting and announcement last night on its proposals to implement a further round of quantitative easing, $orex marketse reacted much as expected, with a further decline in the US dollar, whilst other major currencies benefit accordingly. For the $uros to poundsr, the short term outlook continues to remain firmly bullish following yesterday’s hold at the 9 day moving average which provided an excellent platform of support following the short term reversal of the last few days.

With the pair now trading above all four moving averages once again we can expect to see the pair climb higher over the next few days, to retest the high of last week at 0.8941, and once clear of this level, then this should provide the requisite platform for s sustained move higher in due course and a move beyond the 0.9000 level by the end of this year. The longer term moving averages continue to confirm this view, with the 40 day have crossed firmly above the 200 day moving average, and as such the outlook for the euros to pounds pair remains positive.

If you would like to follow my trading more closely, why not join me in one of my FREE live training rooms – simply click the link to join – I look forward to seeing you there – regards Anna