Forex Signals – EURUSD Consolidating

Signal posted on Thursday, May 17th, 2012 at 8:20 am
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Recap: We stayed flat yesterday on EU as no support formed and the pair’s technical outlook was mixed at best, which is why price action simply consolidated and barely moved all day.

The pair is still in a clear technical downtrend and the question, as always in forex, is when will this turn around (or, in other words, how long will this trend continue)? Luckily with swing trading we don’t need to guess – we will just trade what the charts give us. In this case we will take either a short on a support break or a long on a resistance break.

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Trading Idea: We will take either a short on a support break or a long on a resistance break with targets at 20/20/20/20 for a long (we are more bearish) and 20/25/25/25 for 95 pips profit on a short.

 

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