"Euro vs Dollar" 10 Nov 2009

"Euro vs Dollar" 10 Nov 2009

The euro vs dollar continued to hover below the 1.50 price level once again yesterday, closing the trading session with a narrow spread down candle, but with a shadow to the lower body, which could potentially signal some weakness in the market with a hanging man formation, repeating the price action of late October.  Naturally we need to wait for this to be confirmed in due course, and once again we may see the moving averages providing pivotal support to any short term pullback for the currency pair. Technically the overall picture remains unchanged following yesterday’s price action, with the bullish sentiment remaing firmly in place longer term, but with the above price level now providing a degree of potential resistance to any short term move higher. Should the above signal be confirmed in due course, then we may see a retest of the potential support immediatley below in the 1.4850 price region, and should this be breached then a possible break towards the 1.47 level once again. However, with markets closed in the US for Veterans Day expect to see some volatile & unexpected price action.

There are no items of fundamental news on the economic calendar for either Europe or the US owing to a Bank Holiday in France and Veterans Day in the US.  However, you can keep up with all the latest fundamental news on the economic calendar, latest currency news and on other pairs and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.