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Most of our Forex signals last week were right on target except for Friday when we didn’t send one out due to NFP. Last week was heavily loaded with Fundamental announcements, this week we hope to see better price action and less overall volatility.

Let’s start with EURUSD Weekly chart:

(click to enlarge)

We saw price move up towards the Trendline week before last. That level was held as price failed to break above and continued to move down last week. Last week’s candle even though engulfs the previous week’s candle completely, has a long lower shadow. Ideally a small lower shadow would have been a sign of more sell off this week. Keeping this mind we will remain bearish until price move above the Trendline at around 1.4250 area.

Let’ see what daily chart can tell us:

(click to enlarge)

On the daily chart price has been consolidating in a channel between 1.3870 and 1.3600. Until we see a Breakout in either direction it is hard to get a definite idea about the short term trend.

Keep an eye on 1.3870 are for a possible Breakout or pullback down to 1.3600.

1.3870 is a key area to look for trades based on signals generated by your own trading strategy.

Forex Trading Signal : If price manages to reach this 1.3870 area today then look for longs once price break above and come back re-test it. On the other hand look for shorts on the sign of reversal, targeting lower end of range at 1.3600.

At the time writing this Forex signal, price was looking to head lower already from the open on daily candle, if it continues to move lower then look for shorts until 1.3600 and then wait for Breakout on the lower side.

In our Forex Signals yesterday we expected price to move up back to the rising Trendline around 1.3800, as it turns out that’s what exactly happened. This slight bullish move was caused by FOMC announcing that there could further devalue their currency by basically continuing to print more dollars.

Today we are looking at Interest Rate announcements from Euro Zone which will decide the EURUSD fate for the rest of the week before the NFP later on Friday.

Let’s quickly look at EURUSD daily chart:

EURUSD Forex Signals (click to enlarge)

Price is sitting right above the support area at 1.3650. By the looks of it we should see me more sell off later in the day.

This is not the most ideal week to trade as market is heavy on fundamental news and moreover NFP weeks are relatively slow.

Forex Signal: There are two opportunities to participate in the market for brave enough traders. Look for longs on a bounce near 1.3600, however if there is a clear Breakout below the 1.3600 then look for shorts on the re-test.