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Forex Commentary: EURUSD at support, 25th November 2010

Forex Commentary:

The U.S. dollar was mixed against the other majors today in what were very quiet trading conditions due to the bank holiday in the U.S. for Thanksgiving Day.

The EURUSD edged up about 27 pips and the USDCAD dropped marginally lower, the greenback gained marginal ground against the rest of the majors.

Trading Setups / Chart in Focus:

EURUSD

The EURUSD formed an inside bar today near the support area around 1.3300, should we get a pop up from this inside bar we would look to get short at value around the 8 or 21 day ema dynamic resistance areas pending a bearish price action confirmation signal.

Alternatively, should price decisively break the low of today’s inside bar we may get another leg to the downside as this current support near 1.3300 is rather significant.

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A look at the weekly chart shows the significance of the current support near 1.3300.

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For a more in-depth analysis of the major forex currency pairs and price action analysis, please check out my forex trading course.

Other Markets:

On Wall Street today the U.S. stock market was closed due to the Thanksgiving holiday, investors will be anticipating an increase in consumer spending as this year’s black Friday shopping day is expected to be much improved over the last few years.

Upcoming important economic announcements: 11/26

6:30am EST: Switzerland – KOF Economic Barometer