EUR/USD Daily Analysis: The markets appear to be heading into the New Year with risk-appetite stuck in the ON position, with equities and the Euro (a risk barometer) carving out respective new highs. Euro bulls are therefore still in firm control, with their sights set on 1.3840 and 1.3880.
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Our Preferred Trades*: If we were trading these markets today we would be looking for reasons to get long on dips (bullish candlesticks, support pierces, etc.), targeting a jump to 1.38, 1.3840 and 1.3880. However, extra caution in the 1.38-1.3820 region as there is plenty of room for a correction, especially with the volatility of the new year approaching and a possible RSI divergence on the 4h and daily charts. As a reminder we are not trading today due the thin holiday and Friday volume and the volatility that it can cause.
Yesterday’s EUR/USD SwingPRO Signal Result: No SwingPRO trades taken to report on.
Today’s SwingPRO Signal: We are not trading today due the thin holiday and Friday volume and the volatility that it can cause.
*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.