Forex Signal - EUR/USD Selling Resistance

1-7-09

5:26a GMT - The EUR/USD continued its downtrend yesterday to just above 1.3300 before beginning a correction back above 1.3500 early today. Overall signals are still bearish and I am looking to sell near resistance at 1.3555.

Trading Idea: Look for bearish reversal signals on the 60M charts near 1.3555, with short targets favored back down to 1.3250 in the mid-term. On a sustained break of 1.3555 look for a re-challenge of resistance at 1.3650.

(click to enlarge)

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Forex Signal - EUR/USD Selling Rallies

1/6/2009

5:51a GMT - Happy New Year! I hope you all had a good break, time with family, etc. Back to forex signals! Over the past week or so (it seems like it has been awhile since the last signals) the EUR/USD has begun a significant correction from its December rise. The pair has made lower lows and lower highs (confirming the downtrend) and has broken through important daily support at 1.3824.

I expect the downtrend to continue in the mid-term and I am looking to sell rallies near resistance. Markets are, as always recently, choppy and volatile so tight stops are recommended.

Trading Idea: Nearest resistance is around 1.3655. I am looking to sell rallies near this point on bearish reversal signals (candlesticks preferred). Keep stops tight as the pair is close to being oversold (RSI touching 30 on the 4-hour charts).

(click to enlarge)

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Happy New Year!

No forex signals until Monday 1/5/09 as banks are closed to bring in the New Year.

I hope you have a wonderful 2009 from PipHut!