Forex Signals – Euro Dollar Taking Center Stage
In our Forex Signals yesterday we expected price to move up back to the rising Trendline around 1.3800, as it turns out that’s what exactly happened. This slight bullish move was caused by FOMC announcing that there could further devalue their currency by basically continuing to print more dollars.
Today we are looking at Interest Rate announcements from Euro Zone which will decide the EURUSD fate for the rest of the week before the NFP later on Friday.
Let’s quickly look at EURUSD daily chart:
EURUSD Forex Signals (click to enlarge)
Price is sitting right above the support area at 1.3650. By the looks of it we should see me more sell off later in the day.
This is not the most ideal week to trade as market is heavy on fundamental news and moreover NFP weeks are relatively slow.
Forex Signal: There are two opportunities to participate in the market for brave enough traders. Look for longs on a bounce near 1.3600, however if there is a clear Breakout below the 1.3600 then look for shorts on the re-test.
