EUR/USD Daily Candle Chart - 5th March 2009

EUR/USD Daily Candle Chart - 5th March 2009

With the interest rate decision due in 45 minutes, and with a cut of 0.5% already factored into the markets, there is little we can do at the moment but to wait and see what happens next. With all the fundamental news and economic news being released today in the UK, Europe and the US, I hope that one way or another this will introduce some volatility into the euro dollar pair, so that we see a breakout in one direction or another, and hopefully the start of a new trend. Yesterday’s up candle provided little in the way of any signals, but failed to breach any of the moving averages, indicating that a bearish move is still the more likely outcome from the current consolidation. The longer this continues then the more explosive the move will be once it arrives. The fundamental news is available on the economic calendar, in the live news feed, and the latest prices are now available on the live currency charts.

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