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Daily Forex Market Commentary:
On Wall Street today the Dow closed down 49.05 points. A larger than expected jump in the Producer Price Index brought about new fears that rising consumer inflation would force the Federal Reserve to raise interest rates. General Electric Co. also reported today that they forecast revenue and earnings would be largely flat in 2010.
Currencies:
The U.S. dollar gained on the other major FX pairs today. The euro has been especially weak lately as evidenced by the dollar rising to its highest level in two months against the euro today.
Pair in focus: EUR/USD
Euro/dollar has had two good inside bar setups recently that netted traders some decent gains if they took them with the dominant trend. Inside bars work best when taken with the dominant daily trend direction.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out my forex price action course.
Verle said,
May 21, 2011 @ 5:43 pmStands back from the keyboard in azmmaeent! Thanks!