Daily Forex Market Commentary
Stocks were down modestly today as the Fed commented the recovery might not be strong enough to quickly drive down the jobless rate.
Pair in focus: euro/dollar
After selling off a bit during the European session the euro closed virtually unchanged from yesterday around 1.4960. We can see some very nice price action signals that have occurred in this 4hr chart below. Price action signals work great in trading ranges and in trends. Yesterday’s session gave us a well formed 4hr pin bar with the over-all up trend on this pair. A solid break above 1.5000 could move up to 1.5200 while a break below 1.4820 could move to 1.4600. This pair is getting ready to move, let’s use price action to light the way…
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