Trading Setups / Chart in Focus:
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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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.
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