Forex Trade Setups Commentary: EURUSD 4hr pin bar setup, 8th February 2012

Trading Setups / Chart in Focus:

EURUSD

The EURUSD closed today unchanged from yesterday. Price is still seen as having bullish momentum behind it with the recent break and close above the 1.3200 resistance area. We can see a 4hr pin bar has formed today after price moved back to the breakout level near 1.3220 and subsequently rejected it. If this pin bar breaks higher we could see an extension of the recent bullish momentum.

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Forex Commentary:

In the currency markets today, the euro closed the day basically unchanged against the U.S. dollar after hitting a two-month high as traders wait for signs of a deal on a second bailout for Greece.

The EURUSD was at $1.3258 in late New York trading, down slightly from the close of $1.3259 on Tuesday.

The greenback gained significantly on the Japanese yen on the back of news that Japan’s current account surplus shrank to a 15-year low in 2011.

Other Markets:

In the U.S. markets today, stocks posted slight gains on the back of news that Greece was working on a new financing deal the IMF and European Union.

The Dow added 5.75 points, or 0.04%, the S&P 500 gained 2.91 points, or 0.2%, and the Nasdaq added 11.78 points, or 0.4%.

Upcoming important economic announcements: 2/9/2012

4:30am EST: Britain – Manufacturing Production m/m
7:00am EST: Britain – Asset Purchase Facility
7:00am EST: Britain – Official Bank Rate
Tentative: Britain – MPC Rate Statement
7:45am EST: Euro-zone – Minimum Bid Rate
8:30am EST: Euro-zone – ECB Press Conference
8:30am EST: United States – Unemployment Claims
7:30pm EST: Australia – RBA Monetary Policy Statement
Tentative: China – Trade Balance

Click Here To View The Previous Day’s Forex Trading Commentary – EURUSD and Silver pin bars – 7th February 2012