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Euro vs Dollar 2 Sep 2010

euro vs. dollar

A quiet day for the euro vs dollar as the markets now wait for tomorrow’s non farm payroll data which will, no doubt, result in the usual frenetic activity for a few hours as the forex markets absorb yet another piece of fundamental news which could dent the current “risk on” mood amongst market participants and evident in the recent gains in equities.  From a technical perspective the euro vs dollar is attempting to re-base from the USD1.26 price region, having moved above both the 9 and 14 day moving averages in yesterday’s forex trading session, but still below the 40 day moving average, following today’s price action.  Should tomorrow’s release prompt a further fall in the US dollar then expect a break and hold above the 40 day moving average which may trigger a run towards USD1.30 in the short term.  Longer term the outlook still remains bearish for the euro vs dollar.

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