Forex Commentary: EURUSD recap, 31st March 2011

Posted on

Forex Commentary:

The euro climbed against the dollar Thursday as an inflation reading in Europe bolstered investor expectations that the European Central Bank will raise interest rates next week.

In other trading Thursday in New York, the British pound fell to $1.6025 from $1.6069 late Wednesday. The dollar rose to 83.11 Japanese yen from 82.89 yen, and rose marginally against the Swiss franc. The U.S. dollar closed basically unchanged against the Canadian dollar and Australian dollar.

Investors are awaiting Friday’s unemployment report to see whether the economy added jobs in March. Economists forecast that employers added a net total of 185,000 jobs during the month.

Trading Setups / Chart in Focus:


The EURUSD inside-pin bar setup that we discussed in yesterday’s commentary got triggered to the upside today, however price did pullback a bit into the New York close, but overall we are still seeing the potential for a re-test of resistance near 1.4280 in the near-term.

Note how the inside-pin bar setup formed just above the 21 day EMA, showing rejection of the 1.4030 support area and in-line with the broader up-trend, adding confluence to the setup.


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 ended the quarter on a quiet note as investors looked ahead to Friday’s U.S. jobs report to provide a catalyst for continued growth.

The Dow lost 30.88 points, or 0.25 percent, the S&P 500 dropped 2.43 points, or 0.18 percent, and the Nasdaq gained 4.28 points, or 0.15 percent.

Upcoming important economic announcements: 4/1/11

3:15am EST: Switzerland – Retail Sales y/y
4:30am EST: Britain – Manufacturing PMI
8:30am EST: United States – Non-Farm Employment Change
8:30am EST: United States – Unemployment Rate
10:00am EST: United States – ISM Manufacturing PMI

One Comment - Click Here to Leave a Comment

  1. Phil says:

    1.4200 seems to be the psychological level that Traders are looking at.

Leave a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Disclaimer: Any Advice or information on this website is General Advice Only - It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information within this site you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by Learn To Trade The Market Pty Ltd, it's employees, directors or fellow members. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don't trade with money you can't afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, spot forex, cfd's, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.

High Risk Warning: Forex, Futures, and Options trading has large potential rewards, but also large potential risks. The high degree of leverage can work against you as well as for you. You must be aware of the risks of investing in forex, futures, and options and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. Any opinions, news, research, analysis, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Please remember that the past performance of any trading system or methodology is not necessarily indicative of future results.

Copyright 2008-2014 Learn To Trade The Market