Trading Setups / Chart in Focus:

EURUSD

The EURUSD is looking well supported just above old resistance / new support at 1.3200 and the 8 day EMA. Many of our members have now made a nice profit off the pin bar setup that formed rejecting support at 1.3025 from Monday. We can see the next key resistance is coming in near 1.3500, if price can stay above 1.3200 on a closing basis we could see a continuation of the recent bullish momentum.

EURJPY

The EURJPY has been cruising higher recently, most recently price broke and closed above resistance near 102.20 – 102.50, and we can see the 8 / 21 day EMAs are crossed higher and diverging. Note the two small pin bars that formed off the dynamic support of the 8 / 21 day EMAs just prior to this recent thrust higher. Support is now seen near 102.00 – 102.50 and we can watch this area for potential buy signals if price rotates lower in the near-term.

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Forex Commentary:

In the currency markets today, the euro moved up modestly against the dollar and hit a fresh two-month high on the back of news that Greece reached a deal to avoid a default.

The EURUSD ended Thursday’s trading at $1.3285, up from $1.3260 yesterday.

The U.S. dollar was mostly unchanged against the other majors today; except for the Japanese yen which it surged higher against, as did the other majors.

Other Markets:

In the U.S. markets today, stocks pushed modestly higher for the third day in a row as Greece reached a deal get a bailout; however, moves were limited with most investors feeling the recent rally is a bit extended at current levels.

The Dow gained 6.51 points, or 0.05 percent, the S&P 500 added 1.99 points, or 0.15 percent, and the Nasdaq gained 11.37 points, or 0.39 percent.

Upcoming important economic announcements: 2/10/2012

3:15am EST: Switzerland – CPI m/m
4:30am EST: Britain – PPI Input m/m
8:30am EST: Canada – Trade Balance
8:30am EST: United States – Trade Balance
9:55am EST: United States – Prelim UoM Consumer Sentiment
12:30pm EST: United States – Fed Chairman Bernanke Speaks

Click Here To View The Previous Day’s Forex Trading Commentary – EURUSD 4hr pin bar – 8th February 2012