Entering text into the input field will update the search result below

EURUSD pushes higher, USDJPY breaks above 21 day EMA, 17th May 2011

May 17, 2011 7:41 PM ET
Nial Fuller profile picture
Nial Fuller's Blog
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Forex Commentary:

The euro gained against the dollar in choppy trading on Tuesday, but remains susceptible to losses related to how Greece might restructure its massive debt.

The GBPUSD recovered some of its losses stemming from an unexpectedly large increase in annual inflation that renewed speculation about the timing of the Bank of England’s interest-rate hike.

The Japanese yen remained under pressure today from official comments on the country’s economic outlook.

Trading Setups / Chart in Focus:


The EURUSD continued moving higher today after bouncing up from support near 1.4040 yesterday. Should this retracement higher continue, we could see a move back up towards resistance near the 21 day EMA or the horizontal level of 1.4500 before price heads lower again. We will watch for bearish price action strategies near these resistance areas for possible shorting signals.



The USDJPY closed above its 21 day EMA, indicating momentum is bullish at least for the near-term. If the rally continues we are not seeing much resistance until about 82.80. Note the bullish rejection pin bar Forex strategy that formed last Friday.


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

Other Markets:

On Wall Street today stocks moved lower on the back of disappointing figures from Wal-Mart and Hewlett-Packard, however a late-day rally suggests investors might be looking for a short-term bounce.

The Dow dropped 68.79 points, or 0.55 percent, the S&P 500 lost only 0.49 of a point, or 0.04 percent, and the Nasdaq added 0.90 of a point, or 0.03 percent.

Upcoming important economic announcements: 5/18/2011

4:30am EST: Britain – Claimant Count Change
4:30am EST: Britain – MPC Meeting Minutes
2:00pm EST: United States – FOMC Meeting Minutes
7:50pm EST: Japan – Prelim GDP q/q
10:00pm EST: New Zealand – Annual Budget Release

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.