Euro vs USD 15 March 2010

Friday’s relatively wide spread up bar on the euro vs dollar daily chart neatly completed the rounded bottom formation for the pair, suggesting a further modest rise is now in prospect.  Friday’s high ran into some resistance from the 40 day moving average which may place a temporary block on any short term move higher.  However, given the longer term formation now clearly evident on the chart we should expect to see a small rise in the euro vs dollar over the next few days with a possible re test of the USD1.40 price region in due course.  With the deep resistance and 200 day moving average now sitting around the USD1.42 price level it is unlikely that any recovery will be sustained to this level.

There is little fundamental news on the economic calendar for today other than this afternoon’s TIC long term purchases in the US which are expected to come in at 50.3bn, below last month’s 63.3bn.

What is one of the best retail forex trading platforms?  In my view it is Metatrader 4.  Advanced, powerful & intuitive it now comes with ECN execution, so you can happily scalp away without broker or dealer intervention.  Just download your free demo copy of MT4 by following this link – download metatrader free –  and get started today.  Don’t forget to follow my daily posts for updates and analysis of the forex markets to help you with your forex trading – so good luck and good trading.

Eurodollar News :

Eurozone risking sovereign debt explosion (must read article from Ambrose Evans-Pritchard)