USD EUR Futures Chart - 13th March 2009

With the USD/EUR currency future once again failing to penetrate the 0.78 region, the contract now look set to retrace further from the high of last week, with prices falling below both the 14 and 40 day moving averages. With a bearish sentiment to the daily chart, we will need to see some strong signals in order to see a reversal in the short term, and any confirmed breakout higher will need to clear this resistance significantly for the bullish tone to be re-instated. A move through the support line at 0.77 could see a further fall, possibly as low as 0.75.