Home » Euro vs Dollar Daily Chart » Euro vs Dollar 22 July 2010

Euro vs Dollar 22 July 2010

euro vs dollar

Yesterday’s wide spread down candle provided us with a strong signal that the recent upwards rally is now beginning to run out of steam, as I outlined in my previous market commentary for the euro vs dollar.  Following three failed attempts to breach USD1.3028 the recent bullish trend now appears to be struggling with yesterday’s price action breaching the 9 day moving average but finding support from the 14 day.  In early trading today the pair have bounced back and currently trade at USD1.2868, marginally below yesterday’s open.  With the short term resistance level now set any continuation of the rally will need to see a break at USD1.3028 and a clearance here could take the pair up to re-test resistance at USD1.3250 in due course.  However, provided yesterday’s bearish signal is validated then we should expect to see the euro vs dollar break below the 40 day moving average in due course and re-test USD1.18 in the medium term once again.

What is one of the best retail forex trading platforms?  In my view it is Metatrader 4.  Advanced, powerful & intuitive it now comes with ECN execution, so you can happily scalp away without broker or dealer intervention.  Just download your free demo copy of MT4 by following this link – download metatrader free –  and get started today.  Don’t forget to follow my daily posts for updates and analysis of the forex markets to help you with your forex trading – so good luck and good trading.

Positive eurozone data helps to push euro higher