Fx Signals – EURUSD Bears Back In Action
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:
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.
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.
Took a short trade when price came close to trdline, still open at 110 pips. Good call