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Forex: S&P 500 Breaks Critical Support, EURUSD Aims for 1.2800

Forex: S&P 500 Breaks Critical Support, EURUSD Aims for 1.2800

John Kicklighter, Chief Strategist

The Dow Jones FXCM Dollar Index made a tentative bullish transition Monday, but real support for a rally didn't come in until risk trends collapsed this past session. The S&P 500 and Dow Jones Industrial Average broke critical support under the pressure of serious risk aversion. The implications for the Forex market are clear with investors forced to abandon risky currencies like the Euro and Aussie dollar and seek safe havens like the dollar and yen as the drive sentiment drive intensifies. However, before we dive into long awaited trending positions, we need to discuss the fundamental factors that would keep this moving (complicated by a heavy event docket) as well as the restrained market conditions behind the risk move to this point. We discuss this and trade scenarios in today's video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.