Euro vs Dollar 16 March 2010

Despite yesterday’s move lower in the euro vs dollar the rounded bottom on the daily chart continues to hold sway at present with the low of yesterday finding solid support from the 9 day moving average.  However, as outlined in previous market commentaries any recovery for the eurodollar is likely to be modest and short lived and certainly no higher than the USD1.41 price handle and which may not even be achieved.  The longer term outlook for this pair still remains bearish with prices once again below the 200 day and 40 day moving averages and if the low of the recent consolidation at USD1.3450 is breached then expect to see a substantially deeper move, possibly even as far as USD1.25 in the medium term.

All the fundamental news for the eurodollar is covered on my blog.

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Eurodollar News :

Questions remain over Greece rescue