Forex Analysis for Euro vs Dollar 24 Aug 2009

Forex Analysis for Euro vs Dollar 24 Aug 2009

Forex Technical Analysis

With very little news around today for either the euro or the US dollar it was no great surprise to see the euro vs dollar drift lower in forex trading today, closing the trading session with a narrow spread down bar, but interestingly one with a gapped up open from the close of Friday. With all three moving averages now firmly below the daily price, the euro vs dollar seems set on making a further attempt to break away from the 1.43 trading level, and breach the previous high of 1.44 where the move stalled last time in earlier in the month. Should we see a break and hold above this level then we can assume that on this occasion it is a true breakout, rather than a fake out as we saw last time, and as as result we should see the euro vs dollar push higher once clear of this heavily congested region. My trading advice for tomorrow is therefore to look for small long positions on an intra day basis with a stop loss set below the support region outline above.

Fundamental Forex Analysis

A busier day for the euro vs dollar for fundamental forex analysis, all of which is covered for you in more detail on the euro to dollar site, with the main item of news on the economic calendar being the CB Consumer numbers due for release in the US tomorrow afternoon – a key figure which will be eagerly awaited by the forex market.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.