Forex Trade Setups Commentary: EURUSD rotates into dynamic support layer, 10th February 2012

Trading Setups / Chart in Focus:

EURUSD

The EURUSD rotated significantly lower and closed the day below 1.3200 support and the 8 day EMA. We had a nice move higher this week off Monday’s pin bar setup that many of our members caught, and now the market is rotating lower. We see the next support coming in near the 21 day EMA and 1.3025 and we will watch this support next week for potential buy signals to re-join the recent up thrust. As long as price remains above 1.3000-1.3025 on a closing basis, we will remain bullish biased on this market.

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Forex Commentary:

In the currency markets today, the euro moved lower against the greenback as efforts to prevent a Greek default were beginning to stall.

The EURUSD closed Friday trading at $1.3171, down from $1.3284 on Thursday.

The Australian dollar fell significantly lower today against the greenback after it was pressured by euro-zone concerns as well as a dovish quarterly statement from the RBA as well as data that showed a drop in Chinese imports.

Other Markets:

In the U.S. markets today, stocks posted their largest losses of the year on the back of new worries that efforts to prevent a Greek default were starting to falter.

The Dow lost 89.23 points, or 0.7%, the S&P 500 lost 9.31 points, or 0.7%, and the Nasdaq dropped 23.35 points, or 0.8%

Upcoming important economic announcements: 2/12/2012

6:50pm EST: Japan – Prelim GDP q/q
7:30pm EST: Australia – Home Loans m/m

2/13/2012

Tentative: Japan – Monetary Policy Statement
Tentative: Japan – Overnight Call Rate

Click Here To View The Previous Day’s Forex Trading Commentary – EURUSD and EURJPY move higher – 9th February 2012