Trading Setups / Chart in Focus:
EURUSD ? Euro/Dollar rejects intra-day push higher
The EURUSD is looking increasingly weaker as it continues to lose ground from the pin bar setup we first discussed in last Thursday?s commentary. It?s worth noting that this market tried to regain its footing from 1.2800 support today but found strong selling interest as it moved higher and ran into near-term resistance around 1.2880. The market closed below the key 1.2800 support level for the second time in the last three sessions today and it?s looking like more losses are possible. We could move lower from current levels but we?d prefer to wait for a cleaner price action sell signal from resistance on the intra-day or daily charts if this market rotates higher again soon.
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Forex Commentary:
In the currency markets, the U.S. dollar moved to 2-month high versus some of the other major currencies today after President Barack Obama won re-election, this caused investors to focus on U.S. fiscal problems which worked to increase appetite for the safe-haven greenback.
The dollar fell against the yen today, down about 0.5 percent for the day as the Japanese currency strengthened against the other major currencies today.
The greenback was higher against the other majors today after paring early session losses.
Other Markets:
In the U.S. markets today, the major U.S. stock indexes lost over 2 percent after the presidential election concluded which shifted investors? focus on the upcoming ?fiscal cliff? debate and also on the on-going debt problems in Europe.
The Dow lost 312.95 points, or 2.36 percent, the S&P 500 lost 33.86 points, or 2.37 percent, and the Nasdaq dropped 74.64 points, or 2.48 percent.
Upcoming important economic announcements (New York time): 11/08/2012
7:00am EST: Britain ? Asset Purchase Facility
7:00am EST: Britain ? Official Bank Rate
Tentative: Britain ? MPC Rate Statement
7:45am EST: Euro-zone ? Minimum Bid Rate
8:30am EST: Canada ? Trade Balance
8:30am EST: Euro-zone ? ECB Press Conference
8:30am EST: United States ? Trade Balance
8:30am EST: United States ? Unemployment Claims
7:30pm EST: Australia ? RBA Monetary Policy Statement
8:30pm EST: China ? CPI y/y
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