Euro vs Dollar - EUR/USD Daily Forex Chart 11th June 2009

Euro vs Dollar - EUR/USD Daily Forex Chart 11th June 2009

Yesterday’s candle on the euro vs dollar daily chart failed to provide us with a convincing signal, or indeed to shed any light on the future direction for the euro vs dollar currency pair, other than we can expect a period of sideways consolidation.  The candle finished the session as a doji with deep wicks both to top and bottom and finished the session marginally below the 14 day moving average.  This sideways consolidation is partly as a result of the lack of direction in the US dollar which is evidenced in the daily dollar index chart, and until the market, much like the Roman emperors of old during the gladiatorial games, has to decide whether to give the greenback a thumbs up or a thumbs down.   Until then we must take a wait and see approach to the eurodollar whilst this period of consolidation unfolds.  All the fundamental news on the economic calendar for this pair is covered on the main eurodollar site and despite unemployment claims coming in better than expected at 601k for the week against a forecast of 614k this has done little to ease the current congestion.  My trading suggestion to those of you who trade intra day would be to bias your positions to the long side purely based on a pattern of higher lows for the last four day and indeed this has happened in trading today with the euro pushing back over the 1.41 price point.

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.