Euro vs Dollar - Daily Spot Chart 29th April 2009

Euro vs Dollar - Daily Spot Chart 29th April 2009

Yesterday’s candle gave us some interesting trading opportunities intra day both on the short and long side with some excellent signals for both, but closed the day with the bulls Euro bulls firmly in control and closing the day marginally above the 9 day moving average having kissed the 40 day moving during the trading session.  This bullish tone has continued in this morning’s trading during the London session with the euro dollar price moving steadily upwards and through the 40 day moving average and it will be interesting to see whether the current price at 1.3268 is held as this would suggest a breakout from the trending channel highlighted on Monday’s fx chart.  With a significant number of items of fundamental news on the economic calendar in the US today, not least the FOMC interest rate decision we could see some dramatic price moves in the pair during the afternoon and evening session.   Given the strength of this morning’s up move I would now suggest looking for shorting opportunities intra day on the 15 minute chart, but only if these are back by strong signals such as perfectly formed shooting stars or gapped up evening stars and confirmed with Western indicators such support and resistance, moving averages or Bollinger bands.

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