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Trading Setups / Chart in Focus:
EURUSD
The EURUSD formed a pin bar today showing rejection of the 1.3850 – 1.3900 resistance area we have been discussing. We see potential for a move lower if price breaks down past the low of this pin bar. We are seeing support down near 1.3650 in the near-term, and longer-term support lies down near 1.3150.
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Special Note: Our members have been quite active in the EURUSD thread in the forum lately, if you want to join up and be a part of all the action, check out my Forex traders’ community here.
Forex Commentary:
In the currency markets today, the EURUSD ended the day essentially unchanged after closing the day well off its highs on the back of fresh pessimistic news out of the euro-zone regarding the debt crisis.
The greenback ended the day higher against the Australian, New Zealand, and Canadian dollars, while ending the day modestly lower against the British pound. The USDJPY was basically unchanged today.
Most of the majors are at critical resistance / support points in the market and we will likely see some significant moves in the near-term as the market determines which way it will move from these significant levels.
Other Markets:
In the U.S. markets today, stocks lost ground after a late-day sell-off on the back of new news that highlighted the fact that the euro-zone is still far away from a solution to its debt problems.
The Dow lost 75.49 points, or 0.65 percent, the S&P 500 dropped 15.63 points, or 1.28 percent, and the Nasdaq lost 54.41 points, or 2.05 percent.
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tino said,
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