Forex Signals – Euro Dollar Bears Return

EURUSD Market Outlook

Yesterday we expected market to continue the rally which started at the end of last week, however market participants had totally different plan.

Euro gave away the gains as fear that the Euro zone was moving slowly into recession overcame the optimism created by newly elected leaders in Italy and Greece. Whenever there are uncertain times, US dollar turns out to be a winner.

Let’s quickly look at EURUSD daily chart:

Forex Trading Signals

EURUSD Forex Signals (click to enlarge)

Price moved lower yesterday and now looking to head back to the key area which is the low of the range on daily chart and also where the rising Trendline comes into play. Watch out for 1.3540-20 area, this is where we will see bears and bulls fighting it out to take control.

Forex Signals

Today we have important economic news items from both Europe and US, which will impact the market as the day progresses.

Forex Trading Signal : Look for shorts below the 1.3500 area after a clean Breakout. At the same time look for reasons to enter long on price rejecting this area.

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