Your Friend LLC

The dollar rose on Friday for a third consecutive day, pressuring stocks and commodity prices for a third day. US nonfarm payrolls declined a modest 20K in January with the unemployment rate falling to 9.7%. The S&P 500 gained 3.08 to 1,066.19 and erased earlier large losses as US consumer…

The highly anticipated US labor report sparked further losses in the equity markets, oil and commodities while pushing the dollar sharply higher against the majors. The greenback surged against the euro, pushing the single currency below the 1.36-level for the first time since May 2009 at 1.3587 and advancing to…

The pair has finally pushed through its Oct 13?09 low/range lows at 1.5706, breaking out of its broader sideways range and putting GBP on the path to further downside weakness towards the 1.5276 level, its .50 Fib Ret(1.3501-1.7041 rally). GBP has been trapped in large range between the 1.7041 and…

Click here to view the embedded video.

Next Online Training Tuesday Feb 9th with Greg Michalowski and Shawn Powell Click Here to Register

In what can only be described as extreme, the EUR/USD has fallen heavily over the past few days of trading. After breaking cleanly below the 50% retracement level yesterday at 1.3800, the pair has continued its run to the downside. The EUR/USD is now within sight of the 61.8% Fibonacci level at 1.3483.

This does not mean that traders should enter a short trade at this time, however, with that said, now would be a good time to start finding an area of support where the pair will rest over the weekend. Returning to action on Sunday eveing/Monday morning, the EUR/USD will be challenged by this new support level and will likely present fresh trading opportunities. Looking at the 5 minute chart there are two support levels forming between the 1.3595 level and 1.3585 on the bottom. This could be considered one area of support.

You can watch the last 4 months of our FXDD online trainings on the FXDD Webinar page at http://forex.fxdd.com/webinars

Click here to view the embedded video.

On the Wires: G7 meetings start today in northern Canada. U.S. Treasury Secretary Timothy Geithner will travel to Nunavut, Canada, to attend a Feb. 5-6 meeting of the Group of Seven finance ministers and central bank governors.

Here is the link to the FXDD Online Training from Feb 4th 2010’s class Click here to view