July 6, 2009 04:49

Forex Signals – EUR/USD Selling Rallies

By:

7-6-09

5:26a GMT – I hope everyone had a great Fourth of July weekend! I did, and I also had a good vacation last week. Before I get to today’s signal I wanted to quickly address the discussion that took place at the bottom of my “gone this week” post last week. First off, I appreciate that anyone would value PipHut and my signals enough that they would be upset when I go on vacation or take time away from the site. As some of the other users pointed out though (and I appreciate the support) is that since PipHut is completely free and a one-man operation, I don’t have a team of analysts that take over in my absence. And since PipHut doesn’t pay my bills and I have no intention of making it a paid-service it will stay that way. My thanks goes out to all those who understood and appreciate the site and work I have put up for you. Enough of that, on to the signal!

Since my last signal on June 24th the pair has basically ranged between 1.4200-1.3900 as the pair consolidates in this area. Most time frames are decidedly mixed as the pair on the weeklies appears bearish, the dailies are mostly bearish but you could make an argument for the bulls as well, and the 4-hour is as mixed as they come. To help find some direction in the market we will turn to the fundamentals, and the name of the game right now is risk-aversion. The US was hit with some worse than expected news last week, including unemployment, and once-again investors are taking money out of riskier stocks and into the relative safety of the dollar. This coming week I expect more of the same, and while we might get a lot of ranging and volatility I am generally dollar bullish the coming week, and therefor I will look to sell the EUR/USD on rallies.

Trading Idea: Nearest resistance to look for selling signals is below 1.4050, with next resistance not seen until 1.4200. I will look for selling opportunities near these levels, preferably with the pair in overbought territory on the 60M or 4-hour charts. Short targets preferred down to 1.4000, 1.3965 and 1.3900.

(click to enlarge)
eu7609selling

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3 Comments on "Forex Signals – EUR/USD Selling Rallies"
  1. Reply
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    Comment left on:
    July 6, 2009 at 11:36
    William, says:

    I am new. Thanks for the service. I assume you had some complainers when you took a vacation? Let me get this right, you provide the signal for free and they DARE bitch when you take off? I must say people act down right crazy these days. Some think they are owed something or are entitled. ~IDIOTS! You are a better man then me…I would eliminate them from the signal service for sending such a message in this manner.

    Anyway…thanks again for your service and insight!

  2. Reply
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    Comment left on:
    July 6, 2009 at 11:57
    Ash says:

    I liked the free signals that I got from this blog and agree with William that people expect to get something like they are owed it…

    I wouldn’t want people to work over an important holiday.

    I still don’t know what rallies mean though lol

  3. Reply
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    Comment left on:
    July 6, 2009 at 17:00
    petie says:

    Hi. I don’t know how to trade off your charts… would you explain more? Thanks.

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