Home » Euro vs Dollar Daily Chart » Euro vs Dollar 30 March 2010

Euro vs Dollar 30 March 2010

The eurodollar managed to stagger higher yesterday ending with a small spread up candle which closed below all four moving averages, and with the 9 day in particular impeding any further progress.  This morning’s price action for the pair has merely reinforced the bearish tone for the eurodollar with prices once again failing to make any significant progress higher and running into resistance from both the 14 day moving average and the deep price congestion in the USD1.35 price region.  Given the recent modest rise this is now presenting opportunities to open further short positions in anticipation of a continued decline in the pair and our medium term target remains a re-test of USD1.30 with a longer term goal of USD1.25 in due course.

With little fundamental news of any significance in Europe this morning we are now waiting for the CB Consumer Confidence Index due for release in the US later today.  The forecast here is for an improvement once again from 46 up to 50.1 and should this be achieved we can expect to see the euro dollar slide lower as a result.

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