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Trading Setups / Chart in Focus:
EURUSD
The EURUSD closed today marginally lower after rejecting higher prices intra-day. The market attempted to move into the 8 day EMA resistance level but encountered selling into the New York close. We would look to sell on any rotations higher into resistance, watching the 1hr, 4hr and daily chart for sell signals. Today’s bar qualifies as a pin bar but it’s not really a very decisive one as the tail is not protruding, still, if the low breaks we could see this downward move accelerate.
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Forex Commentary:
In the currency markets today, the U.S. dollar gained ground against most of the other majors for the fourth consecutive day.
The commodity currencies such as the Aussie dollar, Kiwi dollar and Canadian dollar all gave up substantial ground to the U.S. dollar as investors grew increasingly worried about the euro-zone debt crisis.
The greenback was relatively unchanged against the Japanese yen and posted a small loss to the British pound.
Other Markets:
In the U.S. markets today, stocks lost significant ground as investors were spooked by the S&P 500’s break down through 1,225.
The Dow dropped 134.71 points, or 1.13 percent, the S&P 500 was down 20.73 points, or 1.68 percent, and the Nasdaq lost 51.62 points, or 1.96 percent.
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