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.

4h Chart

Long-term Trend Analysis Chart

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:

Date Time (UTC) Event Actual Forecast Previous
Fri
Mar 21
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

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Join the Discussion!

  1. Johnny
    March 21, 2014 at 17:28 Reply

    Have a good weekend you too @Dragan. Seems we have some good sup around my entry point (3775) and with the hourly bull bat on my charts we could well be seeing the highs back made recently? Im aiming 3950 as per my Long pulled earlier today. Lets see what next weeks will bring us. TC@GL

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