Euro vs Dollar Chart 17 Feb 2010

Yesterday’s wide spread up candle on the euro vs dollar daily chart was much as expected given the inside day signal of Monday and the temporary waning of interest in the Greek debt problems.  With the fear of contagion appearing to recede for the time being traders and investors returned to riskier assets such as commodities and the euro.  From a technical perspective  yesterday’s break moved the euro above the 9 day moving average but hit resistance at the 14 day which appears to be providing a barrier to any move higher once again and given the recent strong downwards trend, we may see a period of sideways consolidation in this price region before the move resumes south once again.

Today’s fundamental news for the eurodollar is focused in the US with Building Permits (coming in more or less on target) and the release of the FOMC minutes.

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Eurodollar News :

Greece humiliated by EU

Goldman & Greece Again!

Dollar gains point to caution returning