After Wednesday’s record-breaking rally, we shifted our sentiment to bearish on the U.S. dollar. Of course the recent Bernanke-inspired rally was the first significantly bullish day we’ve had in over a month, so the trend change is in its infancy.
EUR/USD - Signal Result for Thursday, July 11: No trades triggered as the pair continued it’s drop only to find support above 1.30. The pair is consolidated in large 150-pip range capped by 1.30 on the bottom, and the falling resistance.
Signal for Friday, July 12: That consolidation carved out a pennant formation on top of Wednesday’s flag pole rally. We will trade the direction of that flag-pole extension up, looking to get long on a resistance break with a TP of 80 and an SL of 50.EUR/USD H4" width="700" height="480">
Today’s Important News Events: