Home » Euro vs Dollar Daily Chart » Euro vs Dollar – Euro Dollar Daily Chart 2nd June 2009

Euro vs Dollar – Euro Dollar Daily Chart 2nd June 2009

Euro vs Dollar - EUR/USD Daily Exchange Rate Chart 2nd June 2009

Yesterday’s candle on the euro vs dollar chart continued the upwards theme for the currency pair ending the day higher but with a long upper wick suggesting possible weakness in the market, which was promptly stamped out as traders and investors continue to punish the US dollar.    With all three moving averages pointing sharply higher and providing excellent support we are now approaching our initial price target of 1.4275, and I see no reason not to expect our next target of 1.45 to hove into view sooner rather than later.   A break above this second level could see a further move possibly to re-test the 1.49 region in due course.  All of this is against a backdrop of stochastic data showing the euro to be overbought yet momentum continues unabated and to rule the day.  An important lesson to currency traders which is to go with the flow and not to fight the sentiment or look for turning points.

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