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Forex Commentary:
The EURUSD gave up early gains as falling European markets reflected a heightened sense of risk aversion to political unrest in North Africa and the Middle East.
The euro had moved higher on mounting speculation that the European Central Bank might raise interest rates sooner than expected due to rising inflationary pressures.
The yen climbed 0.2 per cent to Y83.19 against the dollar and was up 0.1 per cent to Y135.01 versus the pound.
Trading Setups / Chart in Focus:
EURUSD
The EURUSD 4hr chart formed a bearish pin bar setup overnight, indicating a possible rotation lower. Price rallied modestly into the New York close but now appears to be falling lower, should price stay contained under 1.3715, in the near-term we could see a move back down to support around 1.3540.
USDJPY
The 1hr chart of USDJPY has formed a huge bearish pin bar just prior to the New York close on Monday. Price is looking like it could rotate lower from here; support comes in near 82.50, which is also the 50% retracement of the last major move.
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:
U.S. markets were close today for Presidents Day. Gold and oil futures rallied on reports that Libyan security forces attacked demonstrators who are trying and hoping to end more than four decades of rule by Moammar Gadhafi. Hundreds of people were said to have been killed in the clashes.
Upcoming important economic announcements: 2/22/2011
4:30am EST: Britain – Public Sector Net Borrowing
8:30am EST: Canada – Core Retail Sales m/m
10:00am EST: United States – CB Consumer Confidence
5:00pm EST: Australia – RBA Gov Stevens Speaks
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