Forex Trade Setups Commentary: EURUSD Rejecting Higher Prices, 25th October 2010

Forex Trade Setups Commentary: EURUSD Rejecting Higher Prices

The EURUSD has been unable to close above 1.4000 resistance recently and today’s price action brought with it another false break / rejection of this level.

Price formed a bearish pin bar setup today indicating that price may be unable to sustain itself above 1.4000 in the near term. We may see a move into support near 1.3700 off today’s pin bar reversal, however, if price can push higher and break past 1.4000 again, we could see another leg to the upside.

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Commentary:

The U.S. dollar fell again today as a result of bets that the Fed will move to stimulate growth in the U.S. economy by printing money to buy assets, this has also worked to lift commodity and stock prices.

However, late in today’s session the U.S. dollar came off its lows and the euro pared earlier session gains, this worked to limit gains in both stocks and commodities as well, as both finished the session well off their highs.

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