Home » Euros to Pounds Daily Chart » Technical Analysis Pound Euro 8 Oct 2009

Technical Analysis Pound Euro 8 Oct 2009

An interesting day technically for the $uros to poundsr which once again struggled to break and hold above the 0.93 price region, and ending the day with a doji candle, which closed above all three moving averages once again, and with the low of the session finding some support from the 9 day moving average once again. Whilst the bullish tone remains firmly in place, for intra day traders there may be an opportunity to benefit from the tweezer top created with yesterday’s candle, which if confirmed could signal a short term reversal lower in the next day or so, before moving higher once again in the medium to long term, and for euros to pounds bulls, this level is now critical. A break and hold above 0.93 is required to see the trend continue unbroken, and once we have cleared this level then 0.96 and beyond are the next likely targets for the pair. However, given the bearish tweezer top now in place, we may expect to see a short term pullback in the daily chart before the pair continue to move higher.