Having failed to breach .9025 in yesterday’s trading the $uros to poundsr now faces the prospect of 2 or 3 days of thin markets owing to the May Day holidays tomorrow and Monday, end of month fixing and traders squaring positions all of which will make trading this pair almost impossible.  From a technical perspective yesterday’s candle provided little in the way of direction ending the day on a narrow spread marginally above both the 9 and 14 day moving averages, a pattern that we have seen repeated in today’s trading session, suggesting that we may have to look forward to a sustained period of sideways consolidation in early trading next week and this view is certainly reflected in both the weekly and monthly charts, the former of which is in the process of creating a flag pattern.  Given these circumstances my trading suggestion for this pair is to stand aside until the May Day holidays are over.  All the $undamental newsthe economic calendar for the euro is covered in the main eurodollar site.

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