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Forex Commentary:
The euro slumped to a five-week low against the dollar today, breaking a key support level, with more losses seen if upcoming jobs data proves stronger than expected.
Positive U.S. data has painted a rosier picture of the economy and is in stark contrast to worries about the euro zone’s sovereign debt crisis, causing the recent plunge in the EURUSD.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD has fallen significantly lower this week on the back of recent positive news for the U.S. economy and continued fears about spreading Euro-zone debt.
We can see in the daily chart of the EURUSD below, support near 1.3050 was broke today, beyond that lies a support area near 1.2970. If support near 1.2970 fails to hold we may see a larger move to the downside into the next major support which isn’t until about 1.2650. Traders looking to sell this market could get short on bearish price action setups after a rotation back up to resistance areas.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today stocks fell lower as weak retail sales and a sharp rise in the U.S. dollar left investors cautious a day before December’s U.S. employment numbers are released.
The Dow lost 25.65 points, or 0.22 percent, the S&P 500 lost 2.71 points, or 0.21 percent, and the Nasdaq gained 7.69 points, or 0.28 percent.
Upcoming important economic announcements: 1/7/2011
7:00am EST: Canada – Employment Change
7:00am EST: Canada – Unemployment Rate
8:30am EST: United States – Non-Farm Employment Change
8:30am EST: United States – Unemployment Rate
9:30am EST: United States – Fed Chairman Bernanke Testifies
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