Forex Commentary: EURUSD Moves Lower From Resistance, 9th January 2013

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Trading Setups / Chart in Focus:

EURUSD – Euro/dollar continues moving lower

In our last EURUSD commentary we were looking for a retrace higher into 1.3155 – 1.3300 resistance area and then a price action sell signal to form there to trade back in-line with the recent bearish momentum in this market. Whilst we did not get the sell signal we were looking for, the market has rotated lower after hitting a high of 1.3139 yesterday, and we can see price is still looking weak into Thursday’s Asian session. We could see this weakness continue into near-term support at 1.3000 area, and if price can break down below that level there’s potential for a further fall into the key support near 1.2880. Traders can still keep an eye out for price action sell signals on the 4 hour or daily charts on any rotations back to resistance.


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Forex Commentary:

In the currency markets today, the Japanese yen lost ground to the U.S. dollar as the uptrend against the yen resumed as expectations for more monetary easing from the Bank of Japan continued.

The euro lost ground to the U.S. dollar again today ahead of a European Central Bank meeting tomorrow.

The greenback was mostly higher against the other majors today as well, but it lost slight ground to the Australian and New Zealand dollars.

Other Markets:

In the U.S. markets today, stocks gained ground after two days of losses as investors grew optimistic about incoming results from the corporate earnings season.

The Dow added 61.66, or 0.46 percent, the S&P 500 gained 3.87 points, or 0.27 percent, and the Nasdaq added 14.00 points, or 0.45 percent.

Upcoming important economic announcements (New York time): 1/10/2013

7:00am EST: Britain – Asset Purchase Facility

7:00am EST: Britain – Official Bank Rate

Tentative: Britain – MPC Rate Statement

7:45am EST: Euro-zone – Minimum Bid Rate

8:30am EST: Canada- Building Permits m/m

8:30am EST: Euro-zone – ECB Press Conference

8:30am EST: United States – Unemployment Claims

6:50pm EST: Japan – Current Account

8:30pm EST: China – CPI y/y

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