Euro vs Dollar Daily Chart - EUR/USD FX Chart 24th June 2009

Euro vs Dollar Daily Chart - EUR/USD FX Chart 24th June 2009

Yesterday’s widespread up bar put paid to any thoughts of a possible head and shoulders in the euro vs dollar pair which was clearly ignored by the market as prices soared, fuelled by a plethora of helpful comments from various members of the ECB talking up the Euro book.  As a result the daily candle surged and closed well above both the 9 and 14 day moving averages along with a break of the neckline of the potential head and shoulders patters which can now be ignored.   With Dollar negative sentiment likely to continue later today as outlined on my Eurodollar fundamental site, we may well see a further surge in the euro vs dollar over the next few days, possibly as high as a re-test of the resistance now in place at 1.43 with the 40 day moving average full support to any move higher.  The markets now wait for the fundamental news on the economic calendar due later tonight which will, no doubt, set the tone and is generally perceived to be the catalyst that the broader markets have been waiting for over the past 2 to 3 weeks.  My trading suggestion is to stand aside but if you really feel you want to trade then trade this news on a intra day basis, looking for swing trades in the 15 mins chart but be aware that we  so many market players all facing the same way a semi-contrarian view may be more profitable.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.