Today was a relatively quiet day in the forex markets like there was any significant economic data released and the markets are expecting a number of important economic data later this week from minute US FOMC meeting tomorrow.
The daily has been a couple of levels of support short-term worth noting recently. the first is near 0.9700, which coincides with the bass bar pin that formed last Friday.
The second level of support, as seen in the chart below is close down the fakey/pin bar combo that formed on 10/5. we can see the day moving average 21 resides almost immediately between these two levels of support; a pullback at this level to re-join the uptrend, it would be nice.
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Comment:
The dollar strengthened modestly today against other major currencies as volume was light due to few economic data released today. the dollar has managed to earn approximately 50 pips on the euro and about 75 pips against the pound.
The Japanese yen has also gained ground modest today against other Majors with the exception of a slight loss for the dollar.
The Dow added points 2.11 or 0.02%, S & P 500 added 0,11 a point, or 0.01% and the Nasdaq added 0.42 a point, or 0.02%.
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