Daily Forex Market Commentary:
On Wall Street today the Dow closed down 86.76 as investors grew nervous ahead of the monthly jobs report due out tomorrow morning. The Dow fell steeply just before the closing bell finishing lower after being up about 55 points earlier in the trading day.
The U.S. dollar was little changed from the New York close yesterday against most major currency pairs. Most of the major FX pairs did have trouble continuing to further gains against the dollar today and it looks like current trends against the dollar may stall out here and pull back.
Pair in focus: euro/dollar
The euro/dollar rejected the 1.5140 level again today and formed my signature fakey setup. A near-term correction down between 1.4900-1.4800 is possible now. Our member’s get in depth analysis of my fakey setup as well as other price action setups in the trader’s forum.
For a more in-depth analysis of the Major FX Pairs and Price Action Signals please check out our member’s section.