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Euro vs Dollar – February 16th 2009

Euro vs Dollar - Daily Candle Chart 16th February 2009

The market in the US is closed today for a public holiday for Presidents Day, so I expect the euro vs dollar currency pair, and others to be relatively quiet today with little news. The G7 ministers are all on their way home, and there was little in the way of news to be released which caused any volatility in the markets on Sunday, or this morning. The euro vs dollar continues in it’s sideways move, reinforcing the triangle pattern in the charts of the last few weeks, and until this pattern is broken, then you should stay out of the pair for the time being. The market has opened slightly gapped down this morning, but only back to the support levels of two weeks ago.

I have updated the euro to dollar site with all the fundamental news on the week so please just follow the link, and if you would like to see all theĀ  economic releases for this week, then these are available as a weekly economic calendar.

The short term outlook is sideways, the medium and long term is bearish.