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PRICE ACTION FOREX TRADING COURSE
Daily Forex Market Commentary:
On Wall Street Friday the Dow closed down 100.90 points or .94% as JP Morgan Chase & company reported significant fourth quarter loan losses which raised concern over bank profits. Consumer unease over income and unemployment grew after a poor retail sales report earlier in the week and a weaker than expected University of Michigan consumer sentiment report on Friday.
Corporate earning reports due out from several large companies this week will help determine stock market direction.
Currencies:
The U.S. dollar and Japanese Yen took center stage on Friday as risk aversion returned to the currency markets. Traders bought the safe-haven Yen and U.S. dollar across the board as unease over the economic recovery mounted.
The greenback gained on all major currencies except the Japanese Yen which is generally viewed as the lowest-risk currency to invest in.
Pair in focus: EUR/USD
The Fakey setup from last week came off nicely on Friday. We are targeting 1.4250 area as this is the closest near-term support. Specific entry techniques for the Fakey setup as well as other price action trading techniques can be found in our member’s section.
For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my price action trading course.
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