Euro vs Dollar 25 Feb 2010

Yesterday’s candle on the euro vs dollar daily chart once again reinforced the negative picture, ending the day marginally higher but with a deep upper wick which found strong resistance from the 14 day moving average.  This echoed the previous day’s trading which also found resistance from the 9 and 14 day moving averages.  Currently the pair are attempting to rebase in the USD1.3450, and witnessed in this morning’s trading, but should this price point be breached (as we expect) then the eurodollar will continue its decline as prices remain firmly entrenched all four

moving averages.  In the short term we can expect to see USD1.3250 and if this is breached, longer term expect to see a re-test USD1.25 in due course.

The Greek debt problems continue to make headline news with its Deputy Prime Minister attacking “Nazi Germany” & putting any bail out at risk while the German deficit also breaks the EU stability pact.  All this while markets wait for this afternoon’ s Core Durable Goods & unemployment claims in the US.

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Eurodollar News