EUR/USD Daily Analysis: Right on cue EUR/USD drops on weak demand before establishing a new high, leaving the short-term trend mixed. As we mentioned yesterday a fair market price has been established for the pair between 1.35-1.3675, with a key pivot at 1.3560 on the hourlies. A break below 1.3560 and we expect price to be pulled back down to 1.35. Above and we remain mildly bullish on the pair. Recent consolidation between 1.3560-1.3640 could be viewed as a pennant pattern on the daily charts, meaning a break above 1.3640 would renew bullish interest in the pair up to 1.3700 and 1.3750.
Our Preferred Trades*: Flat on mixed trend / no good setups. 1.3560 remains our key pivot: above we are short-term bullish toward 1.3600/3640 and below we see another challenge to 1.3500 where we expect strong support.
Yesterday’s EUR/USD SwingPRO Signal Result: No setups triggered yesterday.
Today’s SwingPRO Signal: Flat.
*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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