Daily Forex Market Commentary:
On Wall Street today the Dow close up 22.75 points as investors cheered data showing the economy lost far fewer jobs than expected. The Dow closed significantly off from the session highs however due to the soaring U.S. dollar.
The U.S. dollar made nice gains against all the major FX pairs on Friday due to a better than expected jobs report. The rising dollar pushed crude oil down. A strengthening employment picture means a likely improvement in U.S. retail sales which is the main driver of GDP.
Pair in focus: euro/dollar
This fakey setup came off very nicely today. A rejection of 1.5140 on Thursday set the stage for this price action setup. As pointed out in yesterday’s commentary a move down to 1.4900-1.4800 took place as a result of the follow through on this fakey setup. Our member’s receive in-depth daily analysis of the price action setups that I teach in my trading course.
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