euro to dollar

Euro to Dollar 29 July 2010

The euro to dollar appears to have finally breached the USD1.3000 price level with a surge higher this morning to currently trade at USD1.3084, breaking above yesterday’s high and tiny cross doji candle on the daily chart.  The 9 day moving average continues to provide excellent support to this upwards move and the recent sideways consolidation now appears to have been a temporary pause point and a further step in this upwards trend.  With all three shorter term moving averages pointing higher this upwards rally looks set to continue in the short term with USD1.3184 the next logical target before the pair begin to run into resistance once again, and the maximum extent of this bull run may well be capped by the 200 day moving average and further deep resistance in the USD1.3550 area.  Whilst the longer term outlook remains heavily bearish, short term it is most certainly bullish provided this morning’s price action holds firm throughout the day.

All this week’s fundamental news for the euro vs dollar can now be found on my main forex trading site.

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Europe’s 30 trillion headache