Euro vs Dollar 23 Feb 2010

Yesterday’s price action on the euro vs dollar chart reflected a day of no news ending the trading session as a narrow spread doji cross candle.  Once again the 9 day moving average proved a significant obstacle preventing any further rise during the trading day and this morning’s short squeeze higher in the London session seems to have been promptly snuffed out with the high of the session failing to hold above either the 9 or 14 day moving average.  The morning’s IFO data which came in worse than expected at 95.2 against a forecast of 96.2 (and worse than last month’s 95.8), has certainly not helped the Euro cause and should the CB consumer confidence in the US come in better than expected later today then this can only add further pressure to the euro vs dollar.  As outlined in my weekly forecast my trading suggestion remains the use and that is to use any up tick in price to enter further short positions.
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Eurodollar News :