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Daily Forex Market Commentary:
On Wall Street today the Dow added 42 points after the Federal Reserve assured investors that interest rates will stay low to facilitate economic recovery and that the economy over all is improving.
Stocks recovered from a negative start after the upbeat assessment from the Fed. Today’s Fed statement injected some positivity into the stock market after major stock indices closing lower for 5 of the last 8 trading days.
Currencies:
The U.S. dollar closed higher against all the major currencies except the British Pound. The pound posted a marginal gain on the green back as a result of continued EUR/GBP weakness.
Gold closed lower and Crude Oil dropped after a U.S. government report showed that demand for crude products dropped from the previously already weak levels a year ago when the recession was near it’s peak.
Crude oil to fell to $74.71 per barrel while gold advanced slightly.
Pair in focus: EUR/USD
Today’s pair in focus features a look back at the EUR/USD daily chart to see just how powerful the fakey setup can be. We can see a fakey setup occurred back in early December of 2009 that resulted in a top formation that has since moved down over 1,000 pips.
The second big fakey formation that occurred on this chart was between January 11th and January 15th. The pair has since moved down 400-500 pips from the break down of this setup. We can see that fakey setups often occur at major market swing points and can result in big time gains for the astute price action trader.
For a more in-depth analysis of the Major FX Pairs and Price Action Instruction please check out my Forex Educational Course.
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