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Trading Setups / Chart in Focus:
EURUSD
The EURUSD consolidated today and formed an inside bar. We would look to sell on a rotation higher into resistance near 1.3150 or slightly above, pending price action confirmation. We can see support coming in around 1.2900 which is visible on the weekly chart, this level will need to hold if the EURUSD is to stabilize around current levels.
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Forex Commentary:
In the currency markets today, the U.S. dollar gave up some of its recent gains to the other majors as stronger U.S. jobs numbers made riskier currencies more attractive to traders.
The EURUSD gained modest ground today, closing at $1.3014, up from $1.2982 on Wednesday; the euro is down about 3.2% this month over fears about the European debt crisis.
In other currency trading the GBPUSD moves to $1.5511 from $1.5466 on Wednesday, the greenback lost modest ground against the other majors as well.
Other Markets:
In the U.S. markets today stocks gained ground on the back of strong data on the U.S. economy and better-than-expected profits from FedEx, this news worked to offset more pessimistic news from the euro-zone.
The Dow added 45.33 points, or 0.38 percent, the S&P 500 gained 3.93 points, or 0.32 percent, and the Nasdaq added 1.70 points, or 0.07 percent.
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