March 2, 2009 5:17 PM Est.
Casey Stubbs–Winners Edge Trading
This slow moving consolidation period is just the buildup for some large moves ahead and all the indications on the technical charts say that the Dollar is getting ready to explode. First the indication is the large lag that the market opened much lower on Sunday than when it closed on Friday. Another indication is that the resistance level of 1.2630 has not been taken out. The price approached that level twice and bounce off of that level and moved to the downside.
The Euro (EUR) came under pressure as US stocks slumped toward the 7000 level but failure to break this and extremely weak US GDP caused a lot of volatility and 1.2550 providing support.
This light trading indicates that the longer we stay in this short range when the price does break it will be a large move that could be sustainable for a long time.
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