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Trading Setups / Chart in Focus:
EURUSD
Today the EURUSD consolidated near the top of its trading range, forming an inside bar just below resistance and losing modest ground over yesterday’s close. If price holds below resistance near 1.4550 we could see a move toward the bottom of the trading range.
GBPUSD
The GBPUSD closed today at resistance near 1.6450, if price continues moving higher and decisively breaks through this resistance we could see a larger move higher, otherwise, price may rotate lower back towards support.
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Forex Commentary:
The euro declined against the dollar on Tuesday as proposals by French and German leaders to stem the European debt crisis failed to bolster investor confidence in the euro zone.
In late afternoon New York trade, the euro was trading at $1.4402, down 0.3 percent. The euro hit a nearly three-week high of $1.44779 on Monday.
The dollar fell 0.1 percent against the yen to 76.72 yen, near levels seen before Japan’s yen-selling intervention on Aug. 4 and hovering near a record low of 76.25 yen hit in March.
Other Markets:
On Wall Street today U.S. stocks lost ground after three days of gains after a meeting between the heads of France and Germany failed to curb fears about the ability of euro zone leaders’ to contain the region’s sovereign debt woes.
The Dow lost 76.97 points, or 0.67 percent, the S&P 500 lost 11.73 points, or 0.97 percent, and the Nasdaq lost 31.75 points, or 1.24 percent.
Upcoming important economic announcements: 8 /17/2011
4:30am EST: Britain – Claimant Count Change
4:30am EST: Britain – MPC Meeting Minutes
8:30am EST: United States – PPI m/m
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