Forex commentary, EURUSD pin bar setup, 4-9-10

Daily Forex Market Commentary

The U.S. dollar traded lower against the majors today, with the U.S. Dollar Index down 0.77 percent at 81.906.

Gold rose to its highest level this year as the downgrade of Greece’s debt renewed fears regarding the euro-zone’s financial stability and prompted a flight to safety.

The euro gained firmly on the greenback today. The greenback also lost ground to every other major currency except the Canadian dollar.

Oil prices feel for a 3rd day and pulled back from 18-month highs as over inflated inventories revived concerns about weak demand and technical signals sparked a sell-off, this was largely the reason why the Canadian dollar lost ground to the greenback today as Canada is a major producer of oil.

Stocks:

Global stocks rose today as Euro-zone leaders agree to terms for a possible Greek loan. U.S. stocks were also higher with the Dow hitting the 11,000 mark for the 1st time since September of 2008.

U.S. shares gained following an upbeat outlook from Chevron; meanwhile data that showed U.S. wholesale inventories and sales by wholesalers rose more than expected in February brightened the economic and earnings outlook.

The Dow closed up 70.28 points, or 0.64 percent, to end the week at 10,997.35, the S&P 500 added 7.93 points, or 0.67 percent, to end the week at 1,194.37, and the Nasdaq gained 17.24 points, or 0.71 percent, to end the week at 2,454.05.

Currency pair in focus: EUR/USD

Today we are looking at the EURUSD. Yesterday in our member’s forum we posted up this bullish pin bar setup right after the New York session close. The setup has come off quite nicely today. The next resistance level comes in near 1.3600.

For an excellent pin bar educational article please click here: Forex trading strategies

For a more in-depth analysis of the major FX pairs as well as price action training, please check out my forex training course.

Kingsley said,

April 11, 2010 @ 11:34 pm

Hello Nail
Came across your website over the weekend and I was wondering where were you when I need help in trading the forex. You gave me a clear view as to how to only use clear chart and trade only the price using the strategy you used and recommended. I can’t stop watching your videos and reading your articles.

In regards to pairs, apart from using the majors, do you trade or monitor other cross currency pairs?

Thanks alot and I am looking forward to your response.

kingsley

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