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Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved modestly lower today from the pin bar / false-break setup that formed on Friday. If the inside bar from last Thursday breaks to the downside we would see a fakey setup trigger. Keep in mind that support is close below near 1.2900, but if this level breaks we could see a larger move to the downside.
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Forex Commentary:
In the currency markets today, the EURUSD moved lower on the back of comments from the European Central Bank President on the euro-zone debt crisis. The EURUSD was trading at $1.2997 about 1 hour before the New York close, down from Friday’s close at $1.3036.
The other majors were also lower against the U.S. dollar today as risk-aversion returned to the markets. Trading is expected to be light this week due to the upcoming Christmas holiday.
Other Markets:
In the U.S. markets today, stocks moved to their lows on the day about 1 hour before the New York close on the back of pessimistic comments from a meeting of European Union finance ministers.
The Dow was down 102.02 points, or 0.86 percent, the S&P 500 dropped 13.95 points, or 1.14 percent, and the Nasdaq was down 30.29 points, or 1.19 percent.
Upcoming important economic announcements: 12/20/2011
4:00am EST: Euro-zone – German Ifo Business Climate
7:00am EST: Canada – Core CPI m/m
8:30am EST: United States – Building Permits
4:45pm EST: New Zealand – Current Account
Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate
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