euro vs usd

The euro vs usd continued to claw its way higher yesterday ending the forex trading session as a small doji cross candle which ended the trading session above the USD1270 level at USD1.2722.  The currency pair remains above all three shorter term moving averages at present with the 9 day moving average in particular providing solid support and there is no indication at present of a return to the longer term bearish downwards trend.  However, once the eurodollar begins to turn any break below USD1.2250 should signal the resumption of this trend and once achieved should trigger a deeper move to re-test USD1.18 and beyond in due course.

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