Yesterday’s down candle on the $uros to poundsly chart made it five in a row taking the pair below the 0.85 price point outlined in yesterday’s market commentary, which was our initial target for the trade.   With all three moving averages now pointing lower this trend now seems firmly established and our next target is the interim resistance in the 0.84 region with a breakthrough here opening the way to a deeper move to test support in the 0.80 area last seen back in November 2008.   The only item of significant $undamental newsthe economic calendar today was for Europe where Industrial Production fell a whopping 22% – a record low and surpassing the previous record decline of 19% recorded in March.   All eyes are now firmly fixed on the G8 and G20 meetings currently in progress in Italy and Germany respectively and given the propensity for loose talk my trading suggestion for today is to sit on the sidelines and wait until early next week before building any further short positions as we follow this trend lower.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.