Forex Trading: EUR/USD Ranging With A Negative Sentiment

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Forex Trading: EUR/USD Ranging With A Negative Sentiment

By Greg Michalowski on March 5, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD pair has been receiving a bid whenever the risk profile for equity markets becomes positive. This trend does seem to be wavering somewhat as continued mixed signals are coming out of the ECB and its individual member states, surrounded by rumors of debt defaults as European currencies weaken. So even with equity markets trying to find a bottom and bear rally, our outlook remains to the negative side.

Looking at the retracement analysis below, we see the pair between the October 2008 lows and 21 day moving average which has defended the appreciation in the pair since the beginning of the year. We will continue to examine this range till it is broken, although it has sustained for 2 months now.

eurusd73

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