Fx Signals – EURUSD Bears Back In Action

EURUSD Market Outlook

Market continues to move sideways for the second day. Given that NFP is due on Friday we should see some movement today and tomorrow.

Let’s quickly look at EURUSD daily chart:

Forex Trading Signals

Daily Forex Signals (click to enlarge)

 

On the daily chart price did reach the upper Trendline as we discussed on Monday and since then has pulled back inside. Today market is looking slightly bearish and may look to close the gap which occurred when market opened this week.

Forex Signals

Two important news items are due today, ADP Non-Farm Employment Change and Pending Home Sales, both from US.

Forex Trading Signal : Look for shorts until 1.3250, if the momentum is strong we may see price reaching 1.3200 as well. Both these areas are also good for aggressive long trades. At 1.3200 price will test weekly Trendline and it would be an ideal place for long opportunities.

Don’t agree with this analysis? Leave a comment below.

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One Response to “Fx Signals – EURUSD Bears Back In Action”

  1. mdhus 30 November 2011 at 6:22 pm #

    Took a short trade when price came close to trdline, still open at 110 pips. Good call :)


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