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Trading Setups / Chart in Focus:
EURUSD
The EURUSD pushed higher again today. We can see an area of resistance coming in around 1.3935 to about 1.4100. Next week this resistance area will likely prove significant and we will watch for potential price action sell signals within this range.
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Forex Commentary:
The U.S. dollar lost ground against most of the mother majors today. The EURUSD moved higher as optimism grew that leaders in the Euro-zone are preparing to announce a broad plan to help limit the regions debt problems.
The EURUSD moved up to $1.3875 from $1.3775 on Thursday.
The greenback was also lower against the Swiss franc, Canadian dollar, British pound, Australian dollar and New Zealand dollar. The dollar rose against the Japanese yen today.
Other Markets:
On Wall Street today stocks moved higher again on the back of continued optimism over the debt crisis in Europe and strong earnings from Google. The last two weeks have seen the first consecutive weekly gains since July.
The Dow moved up 166.36 points, or 1.45 percent, the S&P 500 was up 20.92 points, or 1.74 percent, and the Nasdaq gained 47.61 points, or 1.82 percent.
Upcoming important economic announcements: 10/17/2011
10:30am EST: Canada – BOC Business Outlook Survey
8:30pm EST: Australia – Monetary Policy Meeting Minutes
10:00pm EST: China – GDP q/y
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