Forex Trade Setups Commentary: EURUSD pin bar, 29th November 2011

Trading Setups / Chart in Focus:

EURUSD

The EURUSD formed a bearish pin bar today, showing rejection of the 8 and 21 day EMA dynamic resistance layer. Should price move lower from today’s pin bar we could see a resumption of the downtrend, a break below support at 1.3150 would likely further accelerate losses. However, we must keep in mind that this is a core support level so we could see some buying interest if price moves into this level.

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Forex Commentary:

In the currency markets today, the EURUSD moved marginally higher, but it gave up much of its intra-day gains as the New York close came to an end. Investors looked forward to a meeting of European finance ministers for progress on the debt crisis, but much uncertainty remains.

The other majors gained significant ground on the U.S. dollar today, with the GBPUSD and AUDUSD both posting large gains today over yesterday’s close.

Other Markets:

In the U.S. markets today, stocks were mostly higher as investors watched a meeting of European finance ministers for evidence of progress on slowing the euro-zone debt crisis.

The Dow gained 32.62 points, or 0.3%, the S&P 500 added 2.64 points, or 0.2%, and the Nasdaq lost 11.83 points, or 0.5%.

Upcoming important economic announcements: 11/30/2011

5:30am EST: Switzerland – KOF Economic Barometer
8:15am EST: United States – ADP Non-Farm Employment Change
8:30am EST: Canada – GDP m/m
10:00am EST: United States – Pending Home Sales m/m
7:30pm EST: Australia – Building Approvals m/m
7:30pm EST: Australia – Retail Sales m/m
8:00pm EST: China – Manufacturing PMI