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Euros To Pounds – Daily Forex Anlaysis 4th September 2009

Forex $echnicallysis

The $uros to poundsr seem to have found the resistance level at o.885 a bridge too far in the recent rally higher, and following four consecutive attempts to breach this level, subsequently reversed lower earlier in the week, a move that was repeated yesterday with a relatively wide spread down bar, which closed below the 9 day moving average, but just above the 14 day average. With a strong support level now in place below at the 0.8650 price region, we may see the currency pair oscillate in a relatively tight trading range until one or other of these levels is broken, with a move higher signalled by a breach of the o.8850 and a move lower by penetration of the 0.8650. If either of these levels is broken then this should signal the start of a fresh longer term trend for the pair as we head towards the end of another $orex tradingr.

$undamental Forex Analysisrong>

There is really only one item of $undamental newsthe economic calendar as we head into the weekend and that is the latest round of G20 meetings, this time being held in London. The focus of attention this time will be how to boost ailing economies around the world, and whilst there is expected to be a consensus over continuing to spend, there is some disagreement over the pace of spending and when to scale down stimulus efforts and packages. In addition a European proposal to curb bankers’ bonuses may face opposition from the US. It seems unlikely that we will see any dramatic statements which will excite the markets, and if the last meeting is any guide, the whole event will be the usual damp squib, with markets opening up on Tuesday again once the US and Canada have celebrated their Labor Day National Holiday.

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