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Euro Fx Chart For 18th March 2009

Euro Dollar Daily Candle Chart - 18th March 2009

Following yesterday’s widespread up bar which took us through the 1.3000 level we could now be on the verge of a major breakout from the current consolidation and my suggestion for today is to once again look for small long positions with stops below yesterday’s low of 1.2935.   Naturally we would need to see the current resistance immediately ahead at 1.3150 decisively breached, in which case we could see a move back to retest the 1.33 region and beyond, with all three moving averages providing excellent support with the 9 day having crossed the 40.   As always buy on the dips in the hourly chart for your intraday trading.

The fundamental news is covered for you in the economic calendar but the highlights for today are core CPI, the EIA oil stats and finally the FOMC rate announcement later this evening.