Euro vs Dollar - Euro Dollar Chart 1st October 2009

Very little to say about the euro vs dollar at present as it continues to trade in a relatively narrow range, with yesterday’s candle closing the trading session marginally higher, but with shadows both top and bottom, of which the upper was more extended. Technically the hammer candle of Tuesday failed to deliver yesterday, and indeed the high of the day found resistance from the 9 and 14 moving average cross, suggesting that the pair are struggling to move higher at present. However with NFP data due Friday, this may well provide the momentum required to propel the euro vs dollar higher, particularly if the numbers are worse than expected, which would push the prospect of an interest rate rise in the US further over the horizon, adding further to the dollar’s woes. Yesterday’s poor ADP figures which were worse than expected may well prove to be correct, when the NFP data is released on Friday and if so the euro vs dollar will be a major beneficiary. For a sustained break higher we need to see the previous top at 1.48 breached, and if so ( perhaps on Friday ) a hold above this level will signal a move towards our intial target of 1.50.

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