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Trading Setups / Chart in Focus:
EURUSD
The EURUSD struggled today near 1.3550 resistance, forming a bearish rejection pin bar in the process. We would note that the gap open from this week down near 1.3200 support still needs to fill. Also, the market could rotate up before coming off lower, so there’s potential to enter today’s pin on a 50% retrace if it happens next week. We discussed signals in other markets today in our members’ commentary, you can check it out here.
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Forex Commentary:
In the currency markets today, the U.S. dollar was mostly higher against the other majors as the U.S. unemployment fell to its lowest level in 2.5 years.
The EURUSD dropped to $1.3403, down from $1.3460 on Thursday, after flirting with higher prices earlier in the day.
The GBPUSD was lower, along with the AUDUSD and NZDUSD. The greenback also gained on the Canadian dollar, Swiss franc, and Japanese yen.
Other Markets:
In the U.S. markets today, stocks closed the day mostly flat, this after the best week in nearly three years. Data today showed the U.S. unemployment rate moved to 8.6%, down from 9.0%.
The Dow lost 0.61 point, or 0.01 percent, the S&P 500 dropped 0.30 point, or 0.02 percent, and the Nasdaq gained 0.73 points, or 0.03 percent.
Upcoming important economic announcements: 12/4/2011
7:30pm EST: Australia – ANZ Job Advertisements m/m
12/5/2011
4:30am EST: Britain – Services PMI
10:00am EST: United States – ISM Non-Manufacturing PMI
10:30pm EST: Australia – Cash Rate
10:30pm EST: Australia – RBA Rate Statement
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