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Forex Commentary:
The dollar rose against the euro on Friday and could extend its rebound next week, buoyed by higher Treasury yields after a sharp drop in the U.S. jobless rate brightened the outlook for the U.S. economy.
The euro fell as low as $1.3543 on trading platform EBS on Friday, retreating further from a nearly three-month high at $1.3862 set earlier this week. Traders said the break through support at $1.3570 suggests a three-week euro rally may be showing signs of exhaustion.
The dollar rose 0.7 percent against the yen 82.18 yen and 1 percent against the Swiss franc to 0.9545 Swiss francs.
Trading Setups / Chart in Focus:
GBPUSD:
The GBPUSD bearish pin bar setup discussed in Thursday’s commentary came off to the downside on Friday and moved into the dynamic support of the 8 day ema before closing the day well off its lows.
EURUSD:
The weekly chart of the EURUSD formed a bearish pin bar price action setup this past week. We may see prices fall further early next week into weekly support around 1.3330 just below the weekly 8 / 21 period emas, before this market moves significantly higher again.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today the S&P 500 posted its best week out of the last nine as the market pushed higher despite expectations of a pullback soon, investors moved into defensive and lagging sectors that could intensify in coming weeks.
The Dow added 29.89 points, or 0.25 percent, the S&P 500 gained 3.77 points, or 0.29 percent, and the Nasdaq gained 15.42 points, or 0.56 percent.
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