Chart of the Day
We’ve been watching the EUR/USD closely the last few days as it’s been giving off some Price Action pin bar entries at clean S&R levels. Yesterday we saw a bearish pin bar form on the daily chart. Today we have a pin bar formed again only it’s body open/close is reversed on the news that Germany has increased the euro bailout fund with approval of the 17 member nations. What remains to be seen is whether the market believes the additional funding is adequate to hold off the crisis a while longer.
EUR/JPY has shown us an Engulfing Reversal bar for entering a long position as the euro may weaken further against the Japanese yen. This is one of the trading strategies Forex Market Master teaches in our “Risk Analysis and Price Action Trading Course”.
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The euro was unable to hold most of it’s gains yesterday as the market waited for EU member states to ratify an increase in the bailout fund for the European debt crisis. It has yet to be seen whether market participants believe the increase in enough to hold off the possible Greek default and it’s associated contagion.
The British pound sterling rose to a one week high versus the U.S. dollar and pared a decline against the euro on speculation the Swiss National Bank will boost it’s holding of the UK currency Bloomberg reported today.
Equity & other Markets
Stocks in the U.S. decent gains over the past day with the DOW up 1.30% @ 11,154.00, S&P 500 up 0.81% @ 1.151.06. Brent Crude up +1.20% @ 105.06.
On The Calendar
09/30 – Friday (EST)
5:30AM – CHF KOF Economic Barometer
8:30AM – CAD GDP m/m
9:00PM – CNY Manufacturing PMI