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Trading Setups / Chart in Focus:

EURUSD

The EURUSD moved higher today, closing just above the 8 day EMA resistance level. We see this current move higher as a counter-trend retrace and traders can watch for price action sell signals from resistance to rejoin the downtrend. Key resistance comes in near the 21 day EMA and the previous breakdown level near 1.2625 – 1.2640.

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Forex Commentary:

In the currency markets today, the EURUSD gained ground on the back of hopes that euro-zone authorities will work to employ tighter fiscal discipline. However, the trend remains down and many investors and traders remain bearish on the euro and see this as a retrace within the broader downtrend.

The U.S. dollar was higher against the Japanese yen today, gaining about 0.4 percent.

Against the other majors, the greenback was mostly lower.

Other Markets:

In the U.S. markets today, stocks ended mostly lower in what was a choppy trading session on the back of a bleaker view of the U.S. economy.

The Dow lost 17.11 points, or 0.1%, the S&P 500 gained 0.14 of a point, or 0.01%, and the Nasdaq added 12.53 points, or 0.5%.

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