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Euro vs Dollar – 10th February 2009

Euro vs Dollar - Daily Candle Chart 10th February 2009

I used the word lottery yesterday to describe trading in the euro vs dollar pair at the moment, which really sums up the current situation. We made money in the morning, only to see a pullback in the afternoon, down into the trading region of the last few weeks, and as you can see from the chart and the trend lines,everything is pointing to further consolidation in this narrow trading range. Until we see clear signal, either with a breakout, or a clear sign on a longer term chart ( weekly or monthly), then I would suggest you stay out of his pair until further notice, as any trades will be complete guesswork in my view ( sorry, but that’ just the way it is at the moment).

The pair are not being helped this week with very little fundamental news in either the euro or the US dollar, and the only news that might bring some volatility into the currency is the speech this evening by Ben Bernanke in Washington DC. Details can be found on the euro to dollar site.