EUR/USD Daily Analysis: A quick analysis of the last three Decembers (2010, 2011, and 2012) have shown that the first week was critical in determining the direction of the subsequent 2 weeks. So, for example, if week 1 of December was bearish than weeks 2 and 3 were also bearish. Week four tended to be a toss up, probably due to the lack of liquidity and too much volatility with large traders shifting money around before the end of the year. So, this year, we expect the same and will anxiously wait to see how this week ends up (bearish so far) to guide us for the rest of the month.
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Our Preferred Trades*: We are tracking a key pivot at 1.3520 and will look to get short on a break below, targeting to 3490 and 3460.
Yesterday’s EURUSD SwingPRO Signal Result: No EU SwingPRO trades taken yesterday.
Today’s SwingPRO Signal: Short on a support break 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.
Today’s Important News Events: