EURUSD Daily Analysis: What a slow week! Price remained within the 1.2990-1.2859 range all week (and a significantly smaller portion of that for the majority of the week) as bulls and bears were deadlocked on the future of the single currency. On the weekly chart this could leave us with a bullish doji, but a break above 1.31 would still be needed to support a deeper correction and the medium-term trend remains very bearish.
Our Preferred Trades*: We expect plenty of selling 1.2970-1.30 resistance area and will do some scalping here, but will not open an intraday trade before the weekend (too much event risk). A sustained break above 1.30 would change the short-term charts to bullish and medium-term to mixed.
Yesterday’s EURUSD SwingPRO Signal Result: No trades triggered yesterday.
Today’s SwingPRO Signal: Flat before the weekend.
*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.
