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Euros To Pounds – January 30th 2009

A good solid down day yesterday which was great to see, and always nice when you are proved right ( not always the case I’m afraid ) and like many others I do get them wrong, but am always protected with a stop loss. The down bar breached all three moving averages so the move is definately confirmed and I hope you are trading short this morning to follow the move down. The issue on the horizon is the next minor support level at 0.8850, and if this is breached then expect further falls next week. There is very little significant $undamental news either in the UK or in Europe so trading will be primarily based on the $echnicalects for the remainder of the day. Have a great weekend and good luck with your trading.

The short term is bearish, the medium and long term are also bearish