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Daily Forex Market Commentary:
On Wall Street today the Dow gained 106 points as investors grew optimistic on the back of the Euro-zone’s pledge to help Greece with its debt problems. However, some analysts warned that a band-aid over Greece’s debt troubles won’t be enough to kick start the 10-month rally in stocks that has recently stalled.
Encouraging jobs data out of the U.S. also supported the rally on Wall Street today.
The Labor Department reported that first-time claims for unemployment benefits fell more than expected last week.
Currencies:
The U.S. dollar rose against the euro today despite the broad advance in equities which usually correlates with a decline in the U.S. dollar. The euro is very weak across the board right now, the fact that the dollar lost ground to all major currencies except the euro today is evidence of this fact.
The U.S. dollar lost ground to the British pound, Australian dollar, New Zealand dollar, Canadian dollar, and Japanese Yen.
Currency pair in focus: EUR/USD
Today’s chart of EURUSD highlights an inside bar that formed on Wednesday of this week. The inside bar setup will often provide a very low-risk / high-probability entry in the context of a strongly trending market like the current EURUSD market.
We almost always trade inside bars in the direction of the trend, because this is where they are the most powerful, however sometimes they can be used as turning point entries. The inside bar setup is one of the most simple yet highly profitable price action setups that I teach. You will find specific entry techniques for the inside bar setups as well as other price action setups in my forex trading course.
For a more in-depth analysis of the major forex currency pairs and price action setups check out my Trading Instructional Course.
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