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Euro vs Dollar – Daily Chart 9th February 2009

Euro vs Dollar - Daily Candle Chart 9th February 2009

Following the NFP data on Friday, the euro dollar pair moved higher, and closed slightly off the day’s high, but with a wide spread up bar on the day, adding further to a week of uncertainty, and yet more sideways movement. The top of the candle just breached the moving averages but not in a significant way, so it is hard to draw any firm conclusions here, although this does provide a bullish engulfing signal. Whilst the pair continue to trade in this narrow range, trading is a bit of a lottery, so you will need to think carefully about your stop loss positions, and direction of trade. There is very little fundamental news out today ( euro to dollar) and as we have seen from the weekly chart, we have a bullish engulfing candle, a view which is confirmed on the daily chart. My suggestion for intra day trading today, is therefore small long positions with stop losses below at 1.2700 or wider.

The short term is bullish and the medium to long term is sideways.