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NIAL FULLER
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Forex Trade Setups Commentary: EURUSD Pin Bar Off Resistance, 7th June 2012

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By in Forex Trading Commentary Last updated on | 6 Comments

Trading Setups / Chart in Focus:

EURUSD

The EURUSD tried to extend its recent rally today but found selling pressure as it approached the previous breakdown level and key resistance at 1.2625, forming a bearish pin bar reversal signal off that level. If price can break down past the low of today’s pin bar we could see a resumption of the downtrend.

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Forex Commentary:

In the currency markets today, the U.S. dollar was mixed against the other major currencies today after Fed Chairman Ben Bernanke provided the market with mixed signals about further economic stimulus.

The EURUSD ended the day at $1.2559, down from $1.2580 yesterday.

The greenback was mixed against other currencies, with the GBPUSD moving up to $1.5526 from $1.5495, the AUDUSD moving down to $0.9894 from $0.9925, and the USDJPY moving up to 79.61 from 79.17.

Other Markets:

In the U.S. markets today, stocks ended little changed after optimism over China’s interest-rate cut was subdued by comments from Fed Chairmen Ben Bernanke that implied economic stimulus would not take place in the near-term.

The Dow added 46.17 points, 0.37 percent, the S&P 500 lost 0.14 of a point, or 0.01 percent, and the Nasdaq dropped 13.70 points, or 0.48 percent.

Upcoming important economic announcements (New York time): 6/8/2012

4:30am EST: Britain – PPI Input m/m
8:30am EST: Canada – Employment Change
8:30am EST: Canada – Trade Balance
8:30am EST: Canada – Unemployment Rate
8:30am EST: United States – Trade Balance
9:30pm EST: China – CPI y/y

  1. Ricky June 8, 2012 at 8:27 pm

    Just made over 80pips on this on one lot, the second lot is on breakeven.
    thanks Nial

    Reply
  2. shehu Idaewor June 8, 2012 at 6:02 pm

    this commentary helped me a lot thanks Nial

    Reply
  3. horlik June 8, 2012 at 5:51 pm

    i saw that pin bar yesternite am already short with 75pips of profits. nice job nial

    Reply
  4. Mick June 8, 2012 at 4:48 pm

    Hi Nial,
    I decide now to trade only what I see, not what I think or feel. I missed the last Pin Bar, because I thougth the Trend would last longer bearish. But the Trend moved bullish we have seen. Would I have traded what I saw, not what I thougth, so it had worked fine for me. For this Enty I am on the trade short at 1.2573 by using 2R. Will see what will happen. – Ok, Nial I like your Tradingstyle and will learn and copy it for shure. – Thank you very much for your great established work.

    Reply
  5. odukoya olufemi June 8, 2012 at 2:24 pm

    thanks i was waiting for this

    Reply
  6. fatimah June 8, 2012 at 9:14 am

    Hi Nial,

    Thank you for the commentary today, i am still learning everyday.

    Cheers fatimah

    Reply

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