EUR/USD Daily Analysis
The euro has stalled above 1.2920 but the trend remains strongly bearish and calling a bottom is fruitless until we see meaningful technical evidence that the trend has changed. That is not to say the pair is in need of a bullish correction, but at this stage a correction would most likely come about as a result of profit taking, not meaningful sentiment shift, and therefore we expect to find more offers on any rally toward 1.30. A sustained break back above 1.30 would shift our bias to neutral, and a break above 1.3050 could signal a low has been formed at 1.2920.
Our Preferred Trades*: With the weekend approaching we will remain flat for the day, but aggressive traders could look to get short on rallies, especially on rallies to 1.30.
Yesterday’s EUR/USD SwingPRO Signal Result: No EU trades triggered yesterday.
Today’s SwingPRO Signal: We will stay flat before the weekend, but the trend remains bearish and so we would be looking for shorts on a support break.
*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.
