EURUSD Daily Analysis: We’ve left the past couple days alone as the price began to slowly turn upward – the signs of a bullish turnaround were emerging, not nearly enough to go long, but strong enough to remain flat. The past 7 days have turned into a bearish flag pattern on the daily chart as the pair moves upward within a bullish channel (see last dashed orange lines).
While this pattern ultimately appears bearish we are in need of another bearish headwind to get us over 1.2440 support. That headwind could come in the form of tomorrow’s Fed minute’s release. We are short-term bullish within this channel (see preferred trade above), but we will go flat before the Fed minutes release, and possibly will even set a sell limit on a rally.
4h Chart
Our Preferred Trades*: For now, as mentioned above, we are short-term bullish within this channel and have set a buy limit at 1.2475 (at 10-day), TP at 1.2575, SL at 1.2440 (below yesterday’s low).
Long-term Trend Analysis Chart
Yesterday’s EUR/USD SwingPRO Signal Result: No trades taken yesterday.
Today’s SwingPRO Signal: Flat on 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.
