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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:

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.

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.

Yesterday’s Forex Signal was not triggered as the price never reached either entry points. Those entry points are still valid and we will continue to monitor them for possible trading signals.

Let’s quickly look at EURUSD daily chart:

(click to enlarge)

Price has been moving inside the range between 1.3870 and 1.3600. Yesterday’s daily candle bounced off from the minor Trendline and never reached 1.3600. This rising Trendline is valid as of writing this Forex Signal.

With no news impacting Euro or US Dollar today, it is relatively safe to trade if market picks up momentum. Though news releases themselves provide impetus for market participants aka Forex traders to jump in.

Forex Signal :Keep an eye on the minor Trendline for a possible breakout targeting lower end of range at 1.3600. If Trendline manages to hold the price then look for longs until 1.3550-70 area.

Using this Forex Signal is easy, simply use your own methodology along with this analysis to find suitable entry signals. It is all about keeping an eye on the bigger picture.