Forex Commentary: EURUSD and Silver pin bar setups, 6th February 2012

Trading Setups / Chart in Focus:

EURUSD

The EURUSD formed a bullish pin bar today, showing rejection of support near 1.3025. Price is still within its recent consolidation range between 1.3200-1.3025. The more conservative route is to wait for price to close outside of this consolidation and then look for an entry with the breakout direction on a retrace. However, we could see higher prices off today’s pin bar if price can stay above 1.3025 on a closing basis

Silver

The spot silver market formed a bullish pin bar today showing rejection of support near $33.00. This pin bar formed with the existing upward momentum and we could see this momentum continue if price stays above $33.00 on a closing basis.

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Forex Commentary:

In the currency markets today, the euro pared early session losses against the U.S. dollar as technical chart support overcame lingering concerns over euro-zone debt problems.

The EURUSD closed the day at $1.3129, up off the low for the day of 1.3027, but still down modestly from Friday’s close.

The other majors traded in a similar manner against the greenback today; overcoming early session losses to close relatively unchanged for the day.

Other Markets:

In the U.S. markets today, stocks lost marginal ground on continuing concerns about euro-zone debt problems.

The Dow lost 17.10 points, or 0.13 percent, the S&P 500 lost 0.57 points, or 0.04 percent, and the Nasdaq lost 3.67 points, or 0.13 percent.

Upcoming important economic announcements: 2/7/2012

3:00am EST: Switzerland – Foreign Currency Reserves
5:45am EST: Switzerland – Gov Board Member Jordan Speaks
8:30am EST: Canada – Building Permits m/m
10:00am EST: United States – Fed Chairman Bernanke Testifies