Daily Forex Market Commentary 12-17-09

Daily Forex Market Commentary:

On Wall Street today the Dow closed down 132.86 points or 1.27% as the U.S. dollar’s rebound pushed investors into risk aversion. A weak profit outlook for FedEx sank transportation shares. Financial stocks were also down after earnings estimates for Goldman Sachs and Morgan Stanley were cut by analysts.

Currencies:

The U.S. dollar gained across the board today as the U.S. dollar index which measures the dollar’s performance against a basket of major currencies rose nearly 1 percent to it’s highest level in more than three months.

Pair in focus: EUR/USD

Yesterday’s inside bar came off nicely and moved to the downside as expected via yesterday’s chart commentary on this pair. The Fakey that started this downward trend was the first in a series of 4 great entry points that should have netted you some serious cash. This is what price action trading is all about, our members get daily price action analysis on all the major FX pairs.

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For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out my price action educational course.


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