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Trading Setups / Chart in Focus:
EURUSD
The EURUSD bullish pin bar strategy off support that we discussed in yesterday’s commentary saw price move significantly higher today. We can also see price broke and closed above 1.3200 resistance which was the upper boundary of the recent consolidation range. The door is now open for a re-test of the next key resistance level near 1.3500 and traders can look to buy pullbacks into support pending price action confirmation.
Silver
The spot silver market bullish pin bar setup that we discussed in yesterday’s commentary has seen price move higher today and we can also see there was an opportunity for a 50% entry of yesterday’s pin bar as price retraced today before moving higher. Note that today’s 50% entry provided for a very tight stop placement below $33.00 which made for a better risk reward ratio. The next key resistance is near $35.20.
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Forex Commentary:
In the currency markets today, the euro moved to a 2-month high against the U.S. dollar on the back of speculation that politicians in Greece will agree to new austerity measures in order to receive more bailout money.
The EURUSD close today at $1.3260, up from $1.3129 at Monday’s close.
The greenback also lost ground against most of the other majors, except for the Japanese yen which it gained modestly against.
Other Markets:
In the U.S. markets today, stocks made modest gains as investors awaited the outcome of discussions on a Greece bailout package.
The Dow gained 33.07 points, or 0.26 percent, the S&P 500 added 2.72 points, or 0.20 percent, and the Nasdaq gained 2.09 points, or 0.07 percent.
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Click Here To View The Previous Day’s Forex Trading Commentary – EURUSD and Silver pin bar setups – 6th February 2012
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