Forex Chart Analysis - Daily Forex Analysis EURUSD 14th August 2009

Forex Chart Analysis - Daily Forex Analysis EURUSD 14th August 2009

Yesterday’s forex chart analysis for the euro vs dollar pair indicated once again that the Euro is refusing to fall as evidenced by Wednesday’s which found support from the 40 day moving average followed by Thursday’s candle which edged towards the 9 day moving average, but eventually closed marginally below.  The recent resurgence of the Euro is as much to do with renewed risk appetite which has seen a variety of commodities rise and strong equity markets.  The Euro has been further boosted by some tentative signs that both Germany and France may be on the point of emerging from this currency economic slump.  From the forex technical analysis, we are once again approaching the pivotal 1.43 price level which saw the original breakout but which promptly reversed and any renewed attempt has to be seen in this context.  Clearly any break above this level will now need to clear the additional additional in the 1.40 price band which was created as a result of this failure and it will be interesting to see whether this occur in the medium term.   Should generalised Dollar weakness persist as risk appetite increases then we may see this sooner rather than later.

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