Euro vs Dollar - Daily Forex Chart 7th September 2009
The euro vs dollar forex pair, ended last week in much the same way as they started, perched neatly on all three moving averages, but showing little sign at present of breaking out above the current sideways consolidation. The hope on Friday was that the Non Farm Payroll data might provide some sort of catalyst of fundamental news to kick start the pair out of their current trading malaise, but this was not to be, and the forex trading session closed with a doji candle, once again indicative of a market that is indecisive at present. The only conclusive analysis one can draw is that the 40 day moving average once again provided support to the low of the day, suggesting that any break, when it does occur, will favour the upside rather than the downside. This view is supported by the fact that as we creep ever higher, the chart is displaying a series of higher highs, but with the moving averages now tightly bunching, we need to be patient and wait for the breakout to occur.
With the US markets closed today for a national holiday and Labor Day, it seems unlikely that we will see any meaningful moves in the euro vs dollar today, as the only items of fundamental l news on the economic calendar are in Europe, and minor ones at that, so we will have to wait until Tuesday at the earliest. The two releases due for today are covered in more detail on the euro to dollar site for you.
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.
