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Forex Commentary:
The U.S. dollar rose today against the other majors, continuing Friday’s rally, the euro has been plagued by renewed concerns of debt problems in some countries in the euro-zone, this has worked to drive the euro lower against the other majors.
The Japanese yen weakened today against the other majors as the USDJPY pushed substantially higher and worked to support the other majors against the yen.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD moved lower today, pushing further away from resistance near 1.3700, the 8 and 21 day emas have crossed lower indicating momentum is bearish. The next major support doesn’t come in until about 1.3350, therefore, traders could look to sell intra-day rallies pending confirmation via price action setups.
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 stocks moved lower as worries grew that the Federal Reverse might scale back its stimulus efforts, this worked to overshadow optimism over two big takeover bids.
U.S. retail sales posted their largest gain in seven months for the month of October buoyed by sales of motor vehicles and building materials. Negative economic news today included a gauge of manufacturing in New York state that fell in November to its lowest level since April 2009.
The Dow gained 9.39 points, or 0.08 percent, the S&P 500 fell 1.46 points, or 0.12 percent, and the Nasdaq lost 4.39 points, or 0.17 percent.
Upcoming important economic announcements: 11/16
5:30am EST: Britain – CPI y/y
6:00am EST: Euro-zone – German ZEW Economic Sentiment
Tentative: Britain – BOE Inflation Letter
9:30am EST: United States – PPI m/m
10:00am EST: United States – TIC Long-Term Purchases
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