EUR/USD Daily Analysis: Euro bears rode the downtrend yesterday to a new low below 1.37 but we have seen a rebound here as price bounces above strong support at 1.3670 and strong support on the RSI at 22.
4h Chart
Long-term Trend Analysis Chart
Our Preferred Trades*: While our preference is to trade the trend (short) the pair is highly oversold and approaching strong support (1.3670) for the first time – we expect to find bids below 1.37. We will get long on a bullish candlestick beneath 1.37, targeting a rally back up to 1.38 and look to get short there.
Yesterday’s EUR/USD SwingPRO Signal Result: No setups triggered yesterday.
Today’s SwingPRO Signal: Flat with swing trading.
*CandlePRO: CandlePRO can be used in conjunction with our daily analysis and “our preferred trades.” For example, if we prefer “going short” or “selling a rally” then we would look for bearish candlestick signals after a rally or near resistance levels. Alternative if we prefer “going long” or “buying a dip” then we would look for bullish candlestick signals on price drops or near support levels.
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