The EURUSD formed internal bar today within bearish pin bar range Friday.We believe that this market has the potential to rotate slightly lower than before the momentum bullish pulls back. However, we recommend against the sale of this market, we would instead move along the level of support clear near 1 2930 awaiting a bullish price action setting intra-day or on the daily chart.
Well defined levels of support or resistance as support near 1.2920 in EURUSD, are generally excellent levels confluent to search for solid price action signals to the form so that we can safely skip on board existing market trends.
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Comment:
Gold moves to new highs for the fourth day in a row after speculation that the Fed could announce new moves to stimulate the economy.
The Australian dollar was again very strong today, advancing against the dollar and the Japanese yen, even in the face of signs of reversing action Daily price last Friday is AUDJPY.
The pound was one of the weaker currencies today, losing ground to the euro, Swiss franc, and the marginal dollar losing ground against the yen.
The Dow gained points 145.77, or 1.37%, S & P 500 added 17.12 points or 1.52% and the Nasdaq added 40.22 points, or 1.74%.
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