Forex Signals for the next couple of days

Hello PipHutters, just a heads-up that I am traveling for the next couple of days (and I’ve been traveling for a few days if you are wondering why no signals have come out recently). I should be back and posting again by next week for sure, if not sooner.

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Forex Signals - EUR/USD Wild Day; Near Resistance

6-24-9

4:06a GMT - Wild day in the land of forex. The pair rose of 200 pips on very little fundamental news - in fact futures have the rates remaining completely unchaged tomorrow. It appeared to be a classic short squeeze scenario (where pair rises against positions, hitting stops and thereby causing the pair to rise even faster) that never ended. Real resistance on the charts is not seen until 1.4150, though thankfully the pair has found some resistance at 1.4100 (but it by no means fell sharply back down). Technically I am still bearish on this pair - take a look at the 4-hour or daily charts and you can easily see the downtrend is still intact.

Trading Idea: I don’t trade news. I will stay put to see where the FOMC puts the rate and what their minutes say about the future. If I ignored the event risk I would look to short around 1.4100 as resistance has been found in this area and the RSI is heavily overbought.

(click to enlarge)

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Forex Signals - EUR/USD Caution Advised

6-23-09

4:26a GMT - The Forex seas are still choppy after bearish day for the EUR/USD failed to break any major support or resistance areas. My main signal from yesterday (sell @ 1.3990) never came close to being hit, though I did sell the short-lived rally to 1.3900 and rode it down for a quick 50 pips with a 25 pip stop (2:1 money management for any beginner traders out there). Today I am looking for more of the same: sell rallies as bears continue to dominate. Dominating the minds of all traders right now is risk management, and sheltering in the USD is usually the safest option. Fostering the risk-aversion is the FOMC meeting, at which it is believed the Feds will keep the interest rate the same but their minutes regarding future policy and inflation will give traders some ammunition.

Trading Idea: Still looking to sell rallies. I would look into selling around 1.3900-1.3930 again on technical signal confirmation. Short targets at 1.39, 1.3850, 1.3820 and 1.3775.

(click to enlarge)

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