Forex Signals – Euro Dollar Decline Continues
Yesterday’s Forex Signal was kicked in towards the short side. We saw price move right to the key support area we highlighted.
On the fundamental side, the reason for decline was Italy’s Bond yield which rose over the critical 7% level to 7.1%. Anything beyond 7% is considered unsustainable for government borrowing.
Let’s quickly look at EURUSD daily chart:
EURUSD Forex Signals (click to enlarge)
We saw the key area 1.3500 which was tested yesterday and then later broke today in early Asian session. If price manages to close below the Trendline and 1.3500 we can expect further downside movement to come.
Market will be watching Core CPI numbers due out from US later in the day.
Forex Trading Signal : Look for longs if price manages to move above the rising Trendline. Alternatively stay with trend and look for short below the 1.3500 area.
