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Euros vs Pounds – Daily Chart EUR/GBP 19th June 2009

Yesterday’s interesting candle on the daily chart for the $uros to poundsr suggests that the short squeeze was very short indeed and is apparently over, as the day finished with a huge “shooting star” candle which opened and closed at the same point and with a deep, upper wick.  This suggests that the attempt by the Euro bulls to rally was promptly quelled and as a result we should now expect to see a further fall as the downwards trend continues to our target of 0.80. With all three moving averages pointing lower and with a further pressure from the 9 day average on prices this morning the downward move now seems firmly re-established once again.    A quick glance at the weekly chart confirms this view but the rate of fall this week has been slower than that of last and as a result we may see an attempt to rally and base at around .82.   There is no significant $undamental newsthe economic calendar for either the Euro or the British Pound.

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