Euro Dollar: Follow the trend! Wednesday, June 9, 2010 at 11:32

If this morning, the euro does not give up significant ground against the dollar, it is nevertheless subject to intense pressure. The psychology of the players does not change, currency traders remain extremely concerned about the fiscal situation of a number of European states. The fear of contagion to other Greek states fragile, severely penalize the Euro for several weeks. The prospect of putting pressure on growth on the continent, following the increasing austerity plan also encourages operators to cover the safe haven that is the Dollar.

Around 11h10, the spot is approximately 1.1945.

From a graphical perspective, the cross, which is significantly closer to its 100 days moving average (orange for hours, severely bearish), completes the outline of a broad consolidation is triggered on June 6 The preferred option is now a renewed tensions initial vendors, with an acceleration of the key releases in the direction of a zone close to $ 1.1800.
In this context, the team Tradingsat.com delivers a negative opinion for the next few hours and offers traders to initiate short positions by targeting 1.1801, while placing the stop loss above 1.2000.
On the macroeconomic side, traders will learn about the U.S. wholesale inventories report at 16:00 and weekly U.S. oil inventories at 16:30. (Paris time)

Hourly data chart:



Daily data chart: