euro vs. usd

Euro vs Dollar 3 Aug 2010

The euro vs dollar continues to move higher pushing through the USD1.32 price handle in this morning’s early trading with yesterday’s relatively wide spread up candle once again confirming the bullish trend.  The 9 and 14 day moving averages continue to provide excellent support as the pair move ever higher with the 40 day also contributing to the positive mood, and the only area of concern for the trend is the deep resistance now immediately ahead.  This extends all the way from USD1.3220 to USD1.3818 and for any continuation of the present move we will need to see the present momentum maintained which seems likely in the short term.  It is interesting to note, however, on the monthly chart that we are now beginning to run into resistance at the 9 month moving average which could signal the extent of this present rally if this key technical indicator remains firm and unbroken.

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