EUR/USD Daily Analysis: Euro has been in a sideways range between 1.2990-1.2859 since last Thursday, giving the impression, once again, that euro bulls are just searching for some positive EUR news to push it up. This range has been gold for scalpers, but with the long-term trend remaining bearish (see yesterday’s post for a complete fundamental and technical breakdown) we are once again looking to sell around 1.30. Only above 1.3050 would we look for a steeper bullish correction.
Our Preferred Trades*: We are continuing to look to sell on a rally to 1.30-1.3030 with bearish candlestick confirmation, targeting a new low to 1.29. Alerts will be sent out if that setup develops.
Yesterday’s EUR/USD SwingPRO Signal Result: No trades triggered yesterday.
Today’s SwingPRO Signal: Short on support breaks. See preferred trade above.
*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.