Forex Commentary: EURUSD higher for fourth day, 30th June 2011

Trading Setups / Chart in Focus:

EURUSD

The EURUSD moved higher today for the fourth day in a row, closing at the event area / resistance level near 1.4490 – 1.4500, as we can see the daily 8 and 21 EMA’s have crossed higher, reflecting the recent thrust to the upside.

If price continues to push higher we could see a re-test of the next resistance near 1.4700 where we would watch for bearish price action. Alternatively, should price fail to sustain itself above 1.4500, we could see a rotation lower back towards the EMA’s.

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Forex Commentary:

The euro leaped to a three-week high against the U.S. dollar on Thursday and headed for a second quarterly gain as Greece passed crucial bills to avert immediate default and on expectations that euro-zone interest rates will rise again next week.

Month-end flows supported the euro, helping propel it to a three-week high above $1.45. The euro hit a high of $1.45388 and last traded at $1.4514, up 0.6 percent for the day.

The dollar fell 0.2 percent to 80.58 yen, on track for a loss of 3 percent this quarter and a loss of 0.8 percent for the first half of this year.

Canada’s dollar strengthened to a near seven-week high against the greenback on Thursday, boosted by commodity price gains, an easing of Greece’s debt woes and slightly better-than-expected domestic economic data.

Other Markets:

On Wall Street today stocks closed out a volatile quarter with their largest four-day rally since last September on the back of positive economic data and a temporary resolution to Greece’s debt crisis.

The Dow added 152.92 points, or 1.25 percent, the S&P 500 gained 13.23 points, or 1.01 percent, and the Nasdaq added 33.03 points, or 1.21 percent.

Upcoming important economic announcements: 7/1/2011

4:30am EST: Britain – Manufacturing PMI
10:00am EST: United States – ISM Manufacturing PMI