5:24a GMT – We had a PipHut record for number of comments yesterday at well over 300 (and I’m pretty sure Tommy cemented himself as Top PipHutter of the month only 9 days into February – see top 10 on the right nav). PipHut itself had over 7000+ views yesterday alone – imagine how many comments there would be if everyone participated. Probably too many!

From a signal standpoint our bearish bias yesterday yielded good pips yesterday if you were willing to be a bit more aggressive – I had resistance at 1.3680 (and drawn in at 1.3715 on the chart) and we had a few nice long wicks just touching that 1.3715 resistance and closing near 1.3680 (10:00 gmt) that gave a good shorting signal. First target was hit before the pair bounced back up and then dropped back down to the first target once again for another 30-40 pips.

Daily Outlook: Since then the pair has climbed in the early morning hours kicking a long wick at 1.3715 (which I shorted with a single lot). Looking at the hourlies we can see the pair has been in a bearish consolidation wedge for the past few days which bodes well for the short positions. The risk at this point is, of course, a larger correction perhaps up to the 61.8% fibonacci retracement and resistance at 1.3850. While they would certainly offer an appealing area to short I’m looking for a more short-term drop.

Trading Idea: I took a very small position on last hour’s challenge of 1.3715 with the long wick. I will look to add to that position with a break of the bottom rising trend support (currently at 1.3660). From 1.3715 short targets are 1.3680, 1.3650, 1.3615 and 1.3585. If we see a larger correction the next resistance area to look for shorts at is 1.3750.

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Source: Forex Signals – EUR/USD Bulls Force Consolidation
Forex signals from: PipHut.com

5:55a GMT – A solid week of pips last week as we continued to sell the EURUSD every day of the week into a strong downtrend. In all the pair dropped a couple hundred pips and over 500 pips on the weeks high/low. That makes it nearly 1000 pips the pair has dropped in the past 4 weeks! A quick glance at the weekly chart will show you how strong this downtrend is.

Daily Outlook: Technically nothing jumps out at me signaling that the downtrend is weakening – we have a solid downtrend resistance capping last week’s action and a long series of lower lows and lower highs. All of these are signs of a strong downtrend. Some traders might feel hesitant looking at various indicators showing oversold but remember that oscillators are not useful in a strong trending environment like we have now. In light of this strong trend I will continue to sell into rallies, looking at fibonacci retracments at 1.3680 and 1.3750 initially.

Trading Idea: Looking to sell near resistance levels (1.3680 and 1.3750). Targets from 1.3750 are 1.3720, 1.3680, 1.3645 and 1.3600.

As a reminder to everyone forex is a risky business – never risk more than you can afford to lose.

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Source: Forex Signals – EUR/USD Bearish Drops Continue
Forex signals from: PipHut.com

2:14a GMT – Yesterday’s secondary trade (sell a break of 1.4830) played out well as the pair dropped steadily and hit both targets for 125 pips. It’s been a great week of signals/trading altogether as the bearish drops have been have been fairly easy and consistent to sell. The pair has now dropped almost 1000 pips in the past couple weeks – R.I.P to those traders trying to pick bottoms all the way down ;).

Daily Outlook: Still bearish as once again we had a significant bearish break to the downside though I will continue to be more conservative going into the weekend as Friday’s can produce bigger whipsaws and I don’t like to hold trades open over the weekend as anything can happen. Therefore I will look for shorts in the area of the 61.8% fibonacci retracement of Feb 3 – Feb 4 high/low. We also have a falling trend resistance in that area giving further weight to the area.

Trading Idea: Conservative trade is in the 1.3900 area with targets at 1.3860, 1.3830 1.3790 and 1.3760. If this wasn’t friday I would probably take a less conservative approach and look to sell at 1.3850 resistance area – which I still could if there is enough time left in the trading day and the signal is strong enough. If we see any consolidation during the day a secondary trade would be to sell the consolidation support break.

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Source: Forex Signals – EUR/USD Another Day Another Pip
Forex signals from: PipHut.com

4:14a GMT – Quick to note to everyone that the economic calendar is back up and running if you check it to avoid event risks. Nearly a picture perfect trade yesterday as the pair came right up underneath our resistance at 1.4030 (hit 1.4025) and, if you were awake and watching, gave a nice long wick before dropping like a rock. All 3 targets were hit for 130 pips profit.

Daily Outlook: As expected yesterday the confluence of multiple layers of resistance and the 23.6% fibonacci retracement level gave bears (who have been in firm control since December) a reason to sell again and the pair dropped swiftly. The pair continues to be extremely bearish on nearly any timeframe you look at including the 60m, 4-hour and daily. As such I will continue to look to sell rallies near resistance and I’m looking at two levels this morning: 1.3960 (the 61.8% retracement of yesterday’s drop) and, if that is broken, 1.4030 once again.

Trading Idea: From 1.3960 short targets are 1.3930, 1.3900 1.3865 and 1.3830. From 1.4030 I’ll use the same targets as yesterday’s signal. Also, for a secondary trade I would sell a sustained break of 1.3830 as this opens up 1.3800 and 1.3755.

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Source: Forex Signals – EUR/USD Good Old Bears
Forex signals from: PipHut.com

4:23a GMT – Covered short from yesterday at break-even after it did nothing for the majority of the day. We’ve seen some bullish pressure in the past few days, though that is to be expected with the extremely bearish moves we’ve had lately. The EUR/USD needs to cool off some oversold levels to clear room for another stab downward.

Daily Outlook: 1.3925 and 1.3880 should provide some support for those looking for longs, though I will sit back and wait for a better short to develop a bit further up. Overall we are still in a very bearish primary trend (pull up a daily chart and look where we were in early December – we’ve dropped over 1000 pips!) which means big money has been pushing the pair down for a month now and will continue to support dollar rallies in the future. 1.4030 is the 50% retracement of the 1/25-1/31 drop, the 23.6% retracement of the larger 1/13-1/31 drop and was strong support on 1/20 so this area should give us some solid resistance. If nothing else its break will signal a larger move to the upside.

Trading Idea: Primary trade is to look to sell  in the area of 1.4030 resistance (see significance above), preferably on candlestick signal. Short targets from 1.4030 are 1.4000, 1.3960, 1.3925 and 1.3890. Very short term traders might look for long opportunities in the 1.3925 and 1.3885 areas though I would consider this a riskier trade.

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Source: Forex Signals – EUR/USD Short-Term Bullish Pressure
Forex signals from: PipHut.com

3:41a GMT -A good start to February as our resistance at 1.3930 held firm and first target was hit at 1.3900 (just a bit below actually as I got in a bit below 1.3930). That closed the first lot for 30 pips profit and leaves  a second lot currently 30 pips in the profit with the stop-loss just above break-even.

Daily Outlook: The hourly trend resistance was broken but the 4-hour remains. Which is OK with me as I put less weight in trend resistance/support in general (diagonal lines) on lower timeframe charts. I remain very bearish on the pair given the strong downtrend. I will continue to look for reasons to sell in the 1.3930 resistance area, however if we see a break to the upside the next good selling zone is around 1.3930 (correction: 1.3980), the 38.2% retracement of recent high/lows and former resistance level.

Trading Idea: From 1.3930 short targets are 1.3900, 1.3870 and 1.3840. From 1.3980 targets will be 1.3945, 1.3910 and 1.3880.

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Source: Forex Signals – EUR/USD Second Resistance Holds
Forex signals from: PipHut.com

5:34a GMT – Strong bearish trend continued, in line with last week’s analysis. Last week I looked for and opened shorts every day of the week and almost all of them were profitable given the strong bearish movements. The US dollar reached 6-month highs on Friday alongside fundamental news that the US economy had grown much faster than expected (via the GDP numbers) and consumer confidence had been corrected higher. The key will be if this economic growth can continue as government spending programs wind down.

Daily Outlook: The pair is currently capped by three trend resistance lines, two obvious on the 60m chart and all evident on the 4-hour. As long as these first two resistance zone that you can see on the 60m charts (blue trend lines on chart below) hold I am bearish on the day. Trend is extremely bearish and the only major threat is that we are overdue for a correction on these timeframes.

Trading Idea: Right around the first trend resistance at 1.3930 we have the 23.6% retracement of the recent drop and I will look to sell in this area. Short targets at 1.3900, 1.3870 and 1.3840. I will also consider shorts in other areas as long as upper trend resistance is not broken as trend is strong.

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Source: Forex Signals – EUR/USD Bearish Trend Line
Forex signals from: PipHut.com

5:49a GMT – Extremely strong bearish trend continued yesterday with the pair never rising much at all to offer an entry at main resistance, however the 8:00a GMT candle offered a bearish reversal doji just beneath our first layer of resistance and in this strong of a trend that is all the confirmation I need.

Daily Outlook: Going into the weekend I always play it a bit more conservative as I dislike having open trades over the days off, but I remain bearish on the pair as new lows were again made, the extremely bearish falling trend resistance held and the daily and weekly charts confirm the bearish nature of the pair.

Trading Idea: Primary trade will be shorts in the 1.4010-1.4030 resistance zone though I will consider any decent short signal below 1.4010 as well. Biggest threat to the trade today is probably traders taking some profit before the weekend. Targets from 1.4010 are 1.3970, 1.3940 and 1.3905.

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Source: Forex Signals – EUR/USD Selling into the Weekend
Forex signals from: PipHut.com

Daily Outlook: 6:27a GMT – Pair did little to nothing for much of the day yesterday before making a second break under 1.4020 and triggering my secondary trade (short @ 1.4020) which netted some nice pips only a couple hours later. Nothing in the technical outlook of the pair has changed: weekly charts still show bearish, daily charts show bearish (though if current daily closed we would have a shooting star) after making several flag patterns and making bearish breakouts on all supports.

Trading Idea: With this bearish trend in mind I will continue to look for selling opportunities into this bearish trend. Easier to swim with the currents than against them :). I will initially look for more shorting opportunities in the 1.4070-1.4100 zone (1.4070 is an area of recent trend resistance and 1.4100 has been resistance for a couple days now) with targets at 1.4035, 1.4000 and 1.3960.

By the way, in these strong trends the past few days I have been posting new resistance levels to look for selling opportunities in the comments/forum section so keep your eyes open!

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Source: Forex Signals – EUR/USD Approaching Trend Resistance
Forex signals from: PipHut.com

5:14a GMT – First a quick update: sorry if you didn’t get the forex signal via email on time yesterday! A little human error there caused the email to go out about 12 hours later than normal. Thanks to Priya for bringing it to my attention!

The pair never rose back up yesterday and instead consolidated in a fairly tight range between 1.4110-1.4050 (with a false breakout to the bottom  somewhere in there. For those of you that were monitoring the comments I did post a new resistance at 1.4110 which offered some good candlestick entries on the 1h charts for some pips on the day.

Daily Outlook: The pair has done nothing to shake its bearish technical picture. Quite the opposite actually as the pair is currently in a bearish wedge pattern. The top resistance of the wedge can be seen by connecting the highs of 1/14, 1/19 and 1/26. The support on the wedge is 1.4128 (1/21 low). Given this extremely technical picture I will continue the strategy of fading (selling) rallies. I do not trade the news but I do try and stay out of the market near major news releases as the thin markets can kill your stop-loss. We have a couple big news events tomorrow to heed: US New Home Sales at 15:30 GMT, US interest rate decision at 19:15 GMT and the German CPI. For more info check out the forex calendar here.

Trading Idea: Primary trade is to look to sell under 1.4140 as this should cap any false breakouts. From 1.4140 short targets are 1.4110, 1.4070 and 1.4040. As a secondary trade I will also look for selling opportunities on a sustained break of the wedge support at 1.4020.

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Source: Forex Signals – EUR/USD Selling the Bearish Wedge
Forex signals from: PipHut.com