Thin Market Movement For EUR/USD Today

By: Doug Rosen

The EUR/USD begins its week just below the 5 ema on the weekly time frame. Price will more than likely need to head up a bit to make contact with the 5 ema so that it can continue downward.

EUR/USD Weekly 12/5/11

On the daily time frame price continues to ride down along the ema's and was recently rejected by the 21 ema due to the Non-Farm Payroll.

EUR/USD Daily 12/5/11

On the 4 hour time frame we are above the price channel price had formerly broke out of but I think price will make it's way back within this channels at some point soon. Price is below the 4 hour ema's.

EUR/USD 4 Hour 12/5/11

On the hourly time frame price is also maintaining below the ema's. Price is just above the weekly central pivot point at 1.3394

EUR/USD 1 Hour 12/5/11

I don't expect an action packed session today for this pair, last week was highly volatile and just had the NFP report on and the market will most likely need to settle itself before making any major moves. Today this pair is highly correlated with AUD/USD, EUR/JPY, EUR/USD, GBP/USD, NZD/USD, USD/CAD, GOLD & SILVER.

Doug Rosen
Doug Rosen is a Florida-based Forex trader who became a skilled technical trader through 3 years of intense practice and self-teaching. He now coaches a live trading room and analyzes the market on forextradeplans.com.