Just as the Euro was ambushed against the US Dollar following the off message comments by Ewald Nowotny the Head of Austria’s central bank and ECB member, so it was against the UK pound, with the $uros to poundsr ending the day on a wide spread down bar as a result, and bringing to a shuddering halt the Euro’s anticipated move higher from Friday’s trading session.   Given the background it is difficult to draw any meaningful conclusions from today’s chart other than to say that prices have not promptly reversed suggesting that markets are considering these comments carefully rather than discounting them as off the cuff.  As a result trading in today’s session has been in a relatively narrow range and much like the pounds to dollars pair the price is sandwiched between the moving averages, although in this case the 40 day is above and the 9 and 14 day are below.   The only $undamental newsthe economic calendar of any significance in Europe has been the release of the German Preliminary CPI Data which came in at 0%, marginally worse than forecast at 0.1%.  The data is an amalgam of 6 German states and is the most important of the CPI figures.  Meanwhile in the UK CBI sales figures came in significantly better at +3 versus a forecast of -40 which little or no effect on the pair.

My trading suggestion for today is to stand aside and wait for a clear trading signal based on raw fundamental data rather than any extraneous comments. In the meantime you can keep up to date with all the latest fundamental news, latest currency news, and live currency charts by simply following the appropriate links. In addition I have provided information on an excellent ECN broker.