Euro vs Dollar - Daily Candle Chart 13th July 2009

Euro vs Dollar - Daily Candle Chart 13th July 2009

Friday’s candle on the euro vs dollar daily forex chart provided little in the way of a clue as to the direction for this pair in the short term, merely adding to the general sideways drift and further consolidating the pennant formation which is now being created.  With all three moving averages now tightly bunched and therefore providing no meaningful analysis whatsoever, this is a pair that we need to avoid for the time being and wait for a clear trading signal.  This will come either in the form of a break out above 1.43 to the upside or 1.3750 to the downside.   With little in the way of significant news on the economic calendar for either the Euro or the US Dollar other than a speech from Trichet and the US Treasury Budget Data we will have to wait until tomorrow’s German and Eurozone ZEW, European Retail Sales and PPI figures to give this pair some much needed impetus.

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