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Daily Forex Market Commentary:
The month of March kicked off with a rally on Wall Street as the major stock indexes closed higher on the back of a record setting deal by insurance giant AIG to sell a major Asian unit and also on gains in semiconductor shares due to SanDisk corp. raising its revenue forecast.
New found hopes for an agreement to resolve the on-going Greece debt problems also encouraged investors.
Positive economic data reports also worked to offset some of the disappointing economic news from last week as U.S. consumer spending increased slightly faster than expected in January and the U.S. manufacturing sector grew.
Currencies:
The currency markets were volatile today; the euro gained big on the pound as evidence by the huge daily bullish move on the EURGBP pair.
The U.S. dollar gained on the euro, pound, Swiss franc, and Japanese yen but lost to the Australian dollar, Canadian dollar and New Zealand dollar as the commodity currencies rose on stock market strength.
Currency pair in focus: EUR/USD
The EURUSD appears to be building a base around bullish price action setups off of support near 1.3450.
We can see in today’s chart that over the last 8 trading sessions we have seen 2 pin bar setups and a fakey setup. These are indications that a counter trend rally may be in the making for this market.
Resistance comes in around 1.3850 and beyond that near 1.4025. Price action setups like the one seen in today’s chart often occur near market turning points and swing points.
For a more in-depth analysis of the day’s price action setups as well as forex market commentary, please check out my price action trading course.
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