Forex Signals – Euro Zone Turmoil Over?
Market is bit relieved, though with cautious optimism, after the latest development in Italy and Greece. Italian Prime Minister stepped down, as promised, after parliament approved the austerity plan. This is only a temporary fix, the overall Euro Zone turmoil is far from over.
Let’s look at EURUSD weekly chart:
Market was quite bearish on the pair until Friday when it rallied and finished with a long lower shadow on weekly EURUSD chart. From here price is most likely to move up towards the falling Trendline above. 1.4250 to 1.43 is the area price is most likely to target if we continue to hear positive news from Euro Zone.
On the other hand if market fails to remain optimistic about Euro, lower rising Trendline will be in sight. 1.3250 to 1.31 will the target area for bears.
On the EURUSD daily chart a new Trendline was formed last week when price bounced up and now it is looking to target the upper falling Trendline. 1.41 to 1.4150 is our near term goal for this pair if the price continues to rally.
We have relatively less important economic news release events this week, with no major ones due today. We can expect relative calm initially in the week with slight bullishness overall.
Forex Trading Signal : Look for opportunities to go long targeting 1.4100-50 area. Keep an eye on 1.3860 level which can act as resistance for any upside movement. On short side, we currently don’t see any trades.































