EUR/USD Daily Analysis:
EUR/USD continued on its downtrend yesterday getting close to our sell zone of 3750 but never quite making it, instead finding heavy selling above 3720. Price is currently down around 3680. We remain bearish on the pair in the short-term but the 4h charts are reaching oversold territory and we expect any dip to be well supported by 3650 before the weekend.
Our Preferred Trades*: We are stopping short of getting long at 3650 as the trend is still very bearish. We also will not be getting short as the oversold levels risk too much of a bullish correction. In short, outlook is mixed, especially with the weekend fast approaching, and we think it is wise to stand aside on this pair today.
Yesterday’s EUR/USD SwingPRO Signal Result: No setups triggered yesterday.
Today’s SwingPRO Signal: Standing aside.
*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.
