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Daily Forex Market Commentary:
On Wall Street today stock indexes hit fresh 2009 highs as indications of improved consumer spending lifted shares of retailers. Volume was light today due to the end of year holiday season. Airline stocks fell today as the U.S. tightened airline security after last week’s incident involving a Nigerian man who tried to blowup an airplane headed from Nigeria to Detroit via Amsterdam. Crude oil and Gold rose along with other commodities.
Currencies:
The U.S. dollar fell today against the euro, pound, Swiss franc, Australian dollar, Canadian dollar, and New Zeeland dollar, while gaining modestly against the Japanese yen. Volume will likely be light all week as trader’s take a break for the holiday’s and end of year festivities.
Pair in focus: EUR/USD
Today formed an inside bar within last Friday’s pin bar. This setup is going with the dominant daily trend. A downside break of today’s inside bar could result in a continuation of the downtrend into 1.42200 and possibly below.
For a more in-depth analysis of the Major FX Pairs and Price Action education please check out our forex price action trading course.
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