Euro Dollar Weekly Chart - 9th March 2009

Euro Dollar Weekly Chart - 9th March 2009

Another week, and little has changed from the previous one when we look at the weekly candle chart for the currency pair, and my hope that last week might provide some respite from the sideways movement has not been fulfilled! The interest rate changes and NFP figures on Friday have had little to no effect, and we ended the week with a doji, with prices finishing below all three moving averages. So we will just have to wait, and as you can see from the weekly chart, until the support level at 1.2500 is breached, it is unlikely that we will see any move lower, and indeed the longer this consolidation continues then the more likely that the move when it comes will be violent and volatile. Indeed I read this morning that many commentators are expecting significant weakness in the euro, in the next few weeks, so let’s hope that something happens soon and for the time being my advice remains the same – stay out!

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The short term and medium term outlook is sideways, and the long term is bearish.