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Currency Trading – Euro vs Dollar 17th April 2009

Euro Dollar Currency Chart - Daily Candles 17th April 2009

Following yesterday’s trading suggestions you should now be holding some profitable short positions as the euro vs dollar pair continued its bearish momentum in this morning’s early trading, and I would therefore suggest that you move your stop losses to lock in profits accordingly.  Yesterday’s price action once again failed to break above the 9 day moving average, closing the day on a down bar and below both the 9 and 14 day averages which confirmed our bearish view.  The price action this morning has passed below the 40 day moving average on the daily chart, and if this move continues we are looking for a further move lower in the short term back to retest support just above the psychological 1.3000 mark, and if this region is breached then we could see a return down possibly as low as 1.2560 once again.  With the weekend ahead many traders will be squaring their positions, and whether you choose to do the same I will have to leave you decide for yourselves.  There are one or two fundamental news on the economic calendar which I have covered on the eurodollar site, most notably 4 speeches on Saturday by leading financial figures which could affect the currency markets when they reopen on Sunday evening, so please factor this into any decision you make.

Have a great weekend and I will be back on Monday.  In the meantime you can keep up with all the latest fundamental news, latest currency news and live currency charts by simply following the appropriate links.  You can also find details on an excellent ECN broker.