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Euro vs Dollar 9 March 2010

The euro vs dollar continued to consolidate once again yesterday as it attempts to build a platform following the recent sell off which has seen the pair slump from a high of USD1.5150 all the way down to USD1.3420.  With a complete lack of fundamental news on the economic calendar yesterday there was little in the way of a catalyst to spark any dramatic moves in the forex market with the euro vs dollar trading in a listless manner throughout the day.   This sideways movement is likely to continue today given the lack of news once again.  The overall picture longer term still remains heavily bearish but with the pair now finding some support at the current price level of USD1.36 we could see a modest recovery and a short squeeze in due course which may well run into resistance at the USD1.3850 price handle coupled with the 40 day moving average above.  A break and hold USD1.3450 will confirm that the bearish sentiment remains firmly in place and if this is breached expect to see a re-test of USD1.30 and possibly USD1.25 in due course.

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