Forex Signals – EURUSD Pending Breakout

EURUSD Market Outlook

In previous Forex Signal we looked at the minor Trendline which was acting as support level. This line did held the price and we saw a small rally towards the top of the range.

There was also a fundamental reason behind the rally, Italian Prime Minister offered to quit, which increased optimism in hope for a new leader who can tackle the debt crisis better.

Let’s quickly look at EURUSD daily chart:

Forex Trading Signals

EURUSD Forex Signals (click to enlarge)

1.3850-70 continues to be an important resistance level. Look out for Breakout above this level for good run up. However, if the price breaks below the Trendline then 1.3600 stills stands as a major support area which will limit the down move.

Forex Signals

There is no major economic news release during London session today to drive the market. Later we have Fed Chairman Bernanke who will speak during US session.

Forex Trading Signal : Look for Breakout of minor Trendline around 1.3720-00 area targeting 1.3600. On the long side, watch for Breakout of 1.3870, wait for pullback re-test and then look for longs targeting 1.3950

These Forex trading signals are to be used along with your own trading system. Let us know how you them by leaving a comment below.

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7 Responses to “Forex Signals – EURUSD Pending Breakout”

  1. TJim 9 November 2011 at 7:38 pm #

    Thanks for your analysis every day. I look at your levels and lines to verify my own. It helps :)

    • FirePips 9 November 2011 at 8:13 pm #

      Thanks for letting us know mate. Happy to help :)

  2. mdhus 9 November 2011 at 8:12 pm #

    What about analysis of Euro/yen, can you tell us your thoughts?

    • FirePips 9 November 2011 at 8:14 pm #

      EURJPY is moving sideways as well, watch out for 106.50 support level.

      • mdhus 9 November 2011 at 8:18 pm #

        Thanks, price is getting there fast !!! Go Long???

        • FirePips 9 November 2011 at 8:22 pm #

          Wait for signs of price rejection on smaller timeframe, 1hr or smaller and then look for longs. Momentum so far is quite strong towards the downside.

  3. david 10 November 2011 at 1:32 am #

    you guys are trying here, keep it up.

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