EUR/USD: Fundamentals Match The Technical Trend
PipHut | Sep 01, 2014 03:36AM ET
EURUSD Daily Analysis: German inflation numbers came in as expected (0.8%), US GDP got revised upward (4.2%), US pending home sales beat expectations, and German unemployment did slightly worse than expected. All this has led to a continuation of the technical downtrend (fundamentals matching the trend – who would have thought?) as price has found strong offers under 1.3220, pushing the price back down under 1.3170.
Technically the downtrend remains firmly intact, with a break below 1.3150 to once again put the gas on the bear pedal. Oscillators remain oversold with a strong RSI bullish divergence, but that will happen in a strong trend. It seems that markets keep waiting for a correction but we will continue to trade the trend until we see evidence it is turning, which at this point would mean a break above 1.33.
Our Preferred Trades*: We are looking to get short on rallies with bearish candlestick confirmation, anywhere between 1.3220-3290, targeting back down to 1.3150 and 1.3100.
Yesterday’s EURUSD SwingPRO Signal Result: No trades triggered yesterday.
Today’s SwingPRO Signal: Short on support breaks.
*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:
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.