Members Login

The Blog Of Professional Forex Trader Nial Fuller

Forex Trade Setups Commentary: EURUSD Counter-trend retrace, 4th June 2012

Posted on

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.

1338851664-clip-18kb

Check out my latest trading lesson: Pyramiding – A Money Management Strategy To Increase Profits
————————————————————————————————————————————————————————–
EOFY June Special Promotion - This month I’m offering a Special Discount on Lifetime membership to my Forex Course, Live Trade Setups Forum, Daily Trade Setups Newsletter, Email support line, and more. For more info visit the Forex Course Page Here.
————————————————————————————————————————————————————————–

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%.

Upcoming important economic announcements (New York time): 6/5/2012

12:30am EST: Australia – Cash Rate
12:30am EST: Australia – RBA Rate Statement
8:30am EST: Canada – Building Permits m/m
9:00am EST: Canada – BOC Rate Statement
9:00am EST: Canada – Overnight Rate
10:00am EST: United States – ISM Non-Manufacturing PMI
Tentative: All – G7 Meetings
9:30pm EST: Australia – GDP q/q

Nial Fuller's Professional Forex Trading Course

Leave a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

SIGN UP FOR FREE!

Get Free Trade Setups & Videos

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

Copyright 2008-2014 Learn To Trade The Market
legal