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Euro vs Dollar – 17th February 2009

Euro vs Dollar - Daily Candle Chart 17th February 2009

Hooray!!! – It seems that at long last we have seen the breakout that we have all been waiting for, and as suggested the euro vs dollar has now broken to the downside with a 200 pip move this morning. This was the most likely direction for the pair, but we still had to wait and be patient! Now before rushing in to the move too early, we need to wait for this to be confirmed during the day. If the daily candle is a wide spread down bar on the close, then we can assume this is the long awaited breakout, and look to open short positions tomorrow with a target of 1.2440 which is a major support area. A break below could see a move to 1.18 in the next few months. The fundamental news is covered on the euro to dollar daily post for you here.

The short term outlook is bearish, the medium to long term is sideways.