euro vs dollar

Euro vs Dollar Forex Chart 7 July 2010

Whilst the longer term trend for the euro vs dollar (ie on the monthly chart), intra day and on the daily forex chart, the sentiment is certainly bullish as evidenced by yesterday’s relatively wide spread up candle which broke above the USD1.26 price handle.  With clear water now between the market price and the 9 day moving average there is no reason to suppose that this short term upwards move should not continue and indeed could possibly even take the pair back towards the USD1.30 price level (or above) where we begin to run into deep resistance.  With the 40 day moving average beginning to turn and the 9 and 14 day averages sloping gently higher we can expect to see further short term gains.  However, for longer term trading expect to see a reversal signal in due course as the markets once again focus on the euro fundamentals.

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What is one of the best retail forex trading platforms?  In my view it is Metatrader 4.  Advanced, powerful & intuitive it now comes with ECN execution, so you can happily scalp away without broker or dealer intervention.  Just download your free demo copy of MT4 by following this link – download metatrader free –  and get started today.  Don’t forget to follow my daily posts for updates and analysis of the forex markets to help you with your forex trading – so good luck and good trading.

A Good Euro Decline?