Monday, March 5, 2012
In today's video, we discuss price action in the EUR/USD currency pair, which was marked by lower trading volume ahead of multiple central bank meetings and the Non-Farm Employment Report scheduled for later in the week. The euro had only rallied 82 pips from its session low at 1.3160, as a result of short covering or profit taking, and price is well contained below the 1.3240 resistance zone. The EUR/USD pair is currently in consolidation ahead of the Asian Open. In today's technical analysis video, we will identify various trade entries around support & resistance levels.
Thursday, March 1, 2012
We began today's webinar by discussing the outcome of yesterday's 529 Billion euro take-up of the second LTRO by the ECB and its immediate effect on the EUR/USD pair. Once the LTRO announcement was released, we saw an initial move lower in the EUR/USD, and in the later morning, it tried to recover a little, but towards the 10:00 EST hour, we saw the EUR/USD decline another leg lower at the onset of FED chairman Ben Bernanke's testimony before Congress. Bernanke mentioned that although we've seen improvement in the US labor market, it is far from normal. The US recovery is even & modest, but not strong enough to remove his accomodative stance. We also had strong economic data out of the US that supported more dollar strength. Revised GDP data for the 4th quarter was reported at 3.0% opposed to the 2.8% in January. We also had some strong Chicago PMI data.