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Euro vs Dollar 19 May 2010

Despite today’s rally for the battered euro against the US dollar, which was hardly a great surprise given the extent of short positions and relentless negative press, the longer term outlook still remains firmly bearish for the euro dollar.  Even with today’s wide spread up bar the euro vs dollar remains firmly entrenched below all four moving averages with both the 9 and 14 day presenting strong barrier to any short term recovery.  With today’s attempt to rise (attributed to a combination of central bank intervention & major buying by hedge funds) this momentum may continue into tomorrow’s trading, although it looks unlikely to breach USD1.25 or above which is where the 9 day moving average now resides.

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