Forex Trade Setups (London Close) Mar. 27th
EURUSD – Finds A Little Resistance Above
After launching on Bernanke’s comments yesterday about likely more accommodative monetary policy (read QE3), the euro took a pause against the USD as it ran into medium term resistance above at 1.3384 forming a pin bar rejection off this key level. Traders should watch the ensuing price action for clues on the next move. If the pullback into the pin bar highs is timid, then the sellers might feel like they have control and reject it more heavily the 2nd time. If the buyers push back strongly from here, then we could see the highs broken, targeting longer term resistance at 1.3480.
Forex Markets London Session:
The USD Gained mildly against the majors with AUD, EUR, JPY and NZD all losing ground vs. the greenback. Losses were not heavy so either this is a corrective pullback before the next run up, or the bears have subtly wrestled control of the short term direction. Continued losses in NY will tell tale if this is so.
Global Markets Today:
The DOW had a mild see-saw session being up 10pts, down 10pts, back up, back down, currently under water by a dozen points. Gold, Silver and Oil pulled back mildly while still holding above the 4hr 20ema.
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