The currency market for the $uros to poundsr took a small step back yesterday as traders banked their profits before preparing to re-enter the market early next week, and the day finished on a small up bar with small wicks to both the top and bottom of the candle.  The price pattern for today appears to be a re-run of yesterday as the euros to pounds pair consolidates the 0.88 region, and we may see a continuation of this next week before the bearish momentum is reinstated with a push lower.  With all three moving averages now weighing heavily, and in particular the 40 day having crossed the 9 day for a dead cross, there is little to suggest that prices will do anything other than fall in the short term, which aligns to my thoughts earlier in the year that we would a move longer term back to the 0.80 region and lower by the summer.  My trading suggestion for today is to stand aside and wait for next week, and if we are lucky enough to get a wide spread up bar to view this as an excellent medium term opportunity to sell into the market.

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