Learn To Trade Price Action with Nial Fuller...
PRICE ACTION FOREX TRADING COURSE
Forex Commentary:
The U.S. dollar gained on the euro today as worries that Ireland’s aid package could result in a credit downgrade for the country weakened the 27-nation currency. The EURUSD closed today near 1.3624, down from 1.3678 late Friday.
The dollar index rose to 78.63, up from 78.474 late Friday, but off the session highs today of 78.884.
The Australian dollar closed today near 0.9887, reversing earlier gains after having risen above 99 cents.
Trading Setups / Chart in Focus:
EURUSD:
The EURUSD moved into resistance near 1.3775 today and formed an excellent 1hr pin bar setup off this confluent level. We discussed the possibility of a quality intra-day sell signal forming in this resistance area in Friday’s commentary, today’s setup is a good example of exactly what we were looking for.
This quality price action setup was posted in the EURUSD thread in our member’s forum before it came off to the downside by one of our many valued members; “simplistic”.
For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.
Other Markets:
On Wall Street today bank shares pulled stocks lower as Europe’s on-going debt crisis combined with fears of an insider trading probe in the U.S. cooled off the bulls.
The Nasdaq gained today on the back of an upgrade of chip maker SanDisk Corp, as well as upgrades of Amkor Technology Inc and Teradyne Inc.
The Dow lost 24.97 points, or 0.22 percent, the S&P 500 dropped 1.89 points, or 0.16 percent, and the Nasdaq gained 13.90 points, or 0.55 percent.
Upcoming important economic announcements: 11/23
8:00am EST: Canada – Core CPI m/m
9:30am EST: Canada – Core Retail Sales m/m
9:30am EST: United States – Prelim GDP q/q
10:30am EST: Britain – MPC Member Posen Speaks
11:00am EST: United States – Existing Home Sales
3:00pm EST: FOMC Meeting Minutes
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