Euro Dollar - Daily Candle Chart 27th February 2009
For those of you that trade in the currency markets, I’m sure you are already familiar with the consolidation in the euro dollar, which has been moving sideways for the last few weeks in a falling wedge. Whilst this is almost impossible to trade using simple buy and sell orders in the spot market, using a fixed odds broker this provides an ideal opportunity to trade using a no touch trade. As you can see from the chart the wedge is falling which suggets that any breakout is likely to be to the downside. With the highest prices of the last two weeks having remained below 1.3050, I feel a no touch trade that the euro dollar will not touch 1.3100 in the next 7 days should offer a good risk return trade.
