Home » Euros to Pounds Daily Chart » Euro GBP – Forex Analysis For The EUR/GBP 13th September 2009

Euro GBP – Forex Analysis For The EUR/GBP 13th September 2009

Forex $echnicallysis

The $uros to poundsex pair continue to trade sideways following the mini-rally from the lows of early August, with the rise having stalled in the 0.8850 region, which came as no surprise as this is the start of a deep and wide resistance area which will take significant momentum to penetrate. At the moment the market seems unable to probe this region, and to date we have seen five failed attempts to push higher, with Thursday’s wide spread down bar failing once again, and ending the trading session below both the 9 day and 14 day moving averages. However for the euro gbp bulls, Friday’s candle provided a positive signal as the market failed to fall further, ending with a narrow spread down bar with a small lower wick, suggesting that we may see an attempt to rally early this week.  This is counterbalanced by the crossing of the 9 day and 14 day moving averages which are providing a bearish cross signal, so in summary a confusing picture at present. In short, we need to see prices break well into the resistance for any move higher to be sustained, and should they fail to make any progress, then we could see a deeper fall once again back to the initial support level on the daily chart in the 0.8650 region.

$undamental Forex Analysisrong>

On odd day for $undamental newsthe economic calendar with no news in the UK, and with very little in Europe, which I have covered for you in more detail on the euro vs dollar site.

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.