Free Forex Signals – Why Technical Analysis Is Better than Fundamental
EURUSD Daily Analysis: And herein lies the problem with fundamental analysis: if the pair rallies back up then “markets shrug off Yellen comments” but if the pair drops then “investors drop EU on interest rate concern.” Technical analysis is not 100% either but at least you can set parameters to an uptrend and a downtrend and it is predictive rather than reactive.
Speaking of technical analysis, after breaking our intraweek rising support channel yesterday the pair made a low under 3750 before finding buyers who have in turn pushed the pair back up to 3810 in early morning trading. That support break, combined with a declining strength line on the weekly charts (bearish divergence) has us looking for reasons to sell into the new downtrend today.
Our Preferred Trades*: Short on a rally above 3820 with bearish confirmation (support break, candlestick, etc.), targeting a drop to next major support at 1.3700. As a reminder we close all trades before the weekend.
Yesterday’s EURUSD SwingPRO Signal Result: No setups triggered yesterday.
Today’s SwingPRO Signal: Short on a support break above 3810 with a TP of 80 and a SL of 50.
*CandlePRO: CandlePRO can be used in conjunction with our daily analysis and “our preferred trades.” For example, if we prefer “going short” or “selling a rally” then we would look for bearish candlestick signals after a rally or near resistance levels. Alternative if we prefer “going long” or “buying a dip” then we would look for bullish candlestick signals on price drops or near support levels.
Today’s Important News Events:
|09:30||GBP Public Sector Net Borrowing (Pounds) (FEB)||7.5B||7.9B||-6.8B|
|15:00||EUR Euro-Zone Consumer Confidence (MAR A)||-12.3||-12.7|