Daily Forex Market Commentary 1-20-10

Daily Forex Market Commentary:

On Wall Street today the Dow closed down 122.28 points as traders flocked to safe-haven assets on the back of news out of China stating that authorities there have ordered various major banks to curb lending. This is negative news for the global economic recovery

Currencies:

The U.S. dollar gained across the board today as investors flocked to the safe-haven greenback and dumped riskier assets. Gold closed down substantially as commodities took a hit across the board.

Pair in focus: EUR/USD

The last two major fakey setups have been virtual gold mines for traders who knew what to look for. The fakey setup on the daily time frame is a very valuable price action setup.

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For a more in-depth analysis of the Major FX Pairs and Price Action analysis please check out my forex trading course.


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