Forex Signals – EURUSD Short vs. Long Term
Recap: Not a whole lot of action yesterday as price is back to yesterday’s starting point. Our short from 1.2559 yesterday got 40 pips into the profit before price slowly started to peel back up. That short is currently 12 pips in the profit and we will close here and wait for today’s setup.
While we are long-term bearish on the euro it is completely possible at this point to see another stab upward to 1.27 before we ultimately see the downside challenge of 1.20. On the daily charts we still see a medium term bearish consolidation pattern, but the past 6 days have also begun to form a bullish pennant flag pattern, lending credibility to the bullish stab up to 1.27 before we ultimately see the turn.
Given the conflicting medium and long term analysis we will look to take a breakout in either direction today – short on a support break or long on a resistance break.
Today’s Important News Events:
|07:55||EUR German Unemployment Change (AUG)||7K||7K|
|12:30||USD Personal Consumption Expenditure Core (YoY) (JUL)||1.7%||1.8%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We will look to take a breakout in either direction today – short on a support break or long on a resistance break with targets at 80 pips.
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