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:
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.