euro vs usd

Euro vs Dollar Forex Chart 20 July 2010

As for cable so for the eurodollar and it appears as though the recent rally from early June may now be coming to an end.  Both yesterday and Friday’s price action ran into resistance at the USD1.3000 level with Friday failing at USD1.3007 and Monday failing at USD1.2992.  This weakness has been further confirmed in this morning’s London forex trading session with today’s high failing to break USD1.3028 and the euro dollar trading sharply lower at USD1.2865.  In order for this potential reversal to be confirmed we need to see several distinct steps.  The first is a break below both the 9 and 14 day moving averages, followed by the interim support at USD1.2722.  A move through here should signal a retest of the platform of support at USD1.2504 and a break here should send the euro dollar back to re-test USD1.2166 in due course which would also signal a move below the 40 day moving average once again.  Once these steps have taken place the longer term bearish trend will once continue as the pair move to re-test USD1.1876 and on towards USD1.15 and beyond.

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