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EURUSD moved lower yesterday despite technicals pointing to an upward move. An warning from S&P overnight regarding Eurozone debt sparked fresh doubts, pushing investors to buy US Dollar and Yen which are considered as safe-haven currencies.

Let’s quickly look at EURUSD daily chart:

Daily Forex Signals (click to enlarge)

Even though price moved lower but still it wasn’t able to breach the Trendline on daily chart. We may see a bounce up from here towards the high of daily range at 1.3530.

There is no interesting economic news release concerning either Euro or dollar.

Forex Trading Signal : Look for longs when price reach close to the Trendline on daily chart targeting 1.3530. In case we see sell pressure, then look for short until 1.3250, at which point aggressive traders can look to go long.

We have interesting week ahead of us. Technically EURUSD charts are looking good for bullish momentum, however there are couple of important fundamental news announcements that could ruin the party.

On Thursday, ECB could cut interest rate by 0.25%, bringing interest rates down to 1%. On Friday we have European Summit which is likely to lay out plans to implement stricter budget rules.

Let’s look at EURUSD Weekly chart:

Weekly Forex Signals (click to enlarge)

Price failed to break below the Trendline on weekly chart and finished in Doji candle. We will remain bullish on this pair unless we see a close below the Trendline on daily or weekly chart.

Daily Forex Signals (click to enlarge)

On the daily chart we saw price breaking above the Trendline last Wednesday and came back to re-test on Friday after NFP news release. Price is likely to move up from this point unless there we see a close below the Trendline on daily chart.

The only news impacting EURUSD is ISM Non-Manufacturing PMI numbers from US later in the day. Keep an eye on this news.

Forex Trading Signal : Look for opportunities to go longs until 1.3350 in next 24 hours.