Euro vs Dollar Chart 18 Feb 2010

Yesterday’s wide spread down bar on the euro vs dollar trading chart promptly reversed Tuesday’s gains reinforcing once again the bearish sentiment which is self evident at present.  Tuesday’s short squeeze higher was much as expected and for the time being although the markets appear to have moved on from the Greek tragedy they are still in a highly nervous and anxious state.   Yesterday’s high came up against solid resistance from the 14 day moving average as did the high of Tuesday, further strengthening the view that this pair are set to move once again and any break and hold below USD1.35 should see a quick descent to the next staging post at USDUSD1.3260.   If this level is broken then a re-test of  USD1.30 and below becomes increasingly likely.  With a raft of fundamental news in the US including unemployment claims, which have come in worse than forecast at 473k against a forecast of 440k and the Philly Fed  index reading which came in better at 17.6 against a forecast of 17.2 the US session looks set to be a lively time for the euro vs dollar pair.

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Euro vs Dollar News :

Lender of last resort needed for Euro sovereign bonds

Angela Merkel angry as Greece ordered to produce deal with Goldmans by end of month