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Euro vs Dollar – January 27th 2009

Euro Dollar Daily Candle Chart - 27th January 2009

Yesterday was an interesting one for the euro vs dollar currency pair, and as I suggested in the late morning on Twitter, small long positions were the order of the day. The chart closed with a strong buy signal based on the bullish engulfing candle, which coupled with the daily hammer candlestick of Friday, gives us a good basis for trading in the next few days, as it seem that support has held at 1.2850, and we are now heading higher with prices in the short term. Again my suggestion for today ( as yesterday and I hope you saw the update on Twitter) would be to attempt small long positions buying at 1.3190 or above, and with your stop loss below 1.2850. With prices having crossed the 9 day and 14 day, this adds weight to the move, but bear in mind that we also have to consider the resistance at the 1.3400/3450 region which may come into play later this week.

The main fundamental news today for the euro to dollar pair is the German IFO data, released this morning at 9.00, and the CB consumer confidence figures due out this afternoon in the US at 3pm( UK time) both of which will be updated on the above site, so please just follow the link

The short term trend is bullish, with the medium to long term bearish