Free Forex Signals – Bulls Faltering below 1.15
EURUSD Daily Analysis: We stayed flat through 1.1450 yesterday which turned out to be the right call (other than getting short, of course) as the pair continued to decline down to 1.14. We did see a 150 pip rally off of 1.14 before resistance was found at 1.1550, which precipitated the 200 pip drop we have seen this morning.
Medium term trend remains bullish, long-term chart is bearish and short-term chart is bearish. 1.1360 and 1.1280 are next support levels where we would look for a bounce - below 1.1280 negates the recent rally and we would expect a continued drop to 1.10 in that event. Short-term resistance is 1.15.
Market volatility continues to be an issue in placing stop-loss levels, and so far this month we've been much better at predicting general market movement than placing our stop-losses correctly. We see two possible solutions: a) larger stop-losses, which would necessitate a larger TP or a lower reward/risk ratio, or b) more conservative entries. We will be reviewing our swing trades from the past month and publishing an analysis for your review at month close.
Our Preferred Trades*: We are flat on mixed short term trend, though we are keeping an eye on bullish confirmation near 1.13 for a short-term play, or a bearish confirmation near 1.15.
Yesterday's EURUSD SwingPRO Signal Result: No trades taken yesterday.
Today's SwingPRO Signal: Flat, see preferred setups above.
*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.
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