EUR/USD Daily Analysis: EU consolidated sideways for most of Friday, briefly rising to 1.3897 but failing to make a new high. A bearish resistance has popped up on the 4h charts – it is not technically a divergence because no new high was made, the positioning of it (top half above 70) is a bearish signal nonetheless.
Our Preferred Trades*: Because of that bearish strength resistance, the bearish weekly resistance and the overbought 4h charts we are looking to get short above 1.39 with candlestick confirmation, targeting a fall back down to 1.3830 where we will begin looking to get long again. Below 1.3830 we expect 1.3770 support to hold.
Yesterday’s EUR/USD SwingPRO Signal Result: No EU setups triggered yesterday to report on.
Today’s SwingPRO Signal: Short on support breaks above 1.3900 with a TP of 80 and a SL of 50.
*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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