Euro To Dollar - Daily Candle Chart 11th March 2009

Euro To Dollar - Daily Candle Chart 11th March 2009

Yesterday’s price action probably caught many traders by surprise with a rapid and volatile move up in the morning session drawing traders into long positions followed by a rapid reverse in the afternoon, creating a candle with a long upper shadow and yet another failed attempt at a rally in the euro dollar pair.  Whilst the close on the day finished above both the 9 and 14 day moving averages the high of the day failed to penetrate the 40 day ma and we are still in a heavy consolidation in a falling wedge and until we see a breakout above or below the current consolidation then my advice still remains to stay out and wait until we have some clearer trading signals.  We may see some reaction later this morning when the German factory orders data is released at 11.00 am GMT which could be positive for the Euro.

The short term and medium term is sideways and the long term is still bearish.

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