EUR/USD: Stops Above 1.40
PipHut | Mar 19, 2014 04:02AM ET
EUR/USD Daily Analysis: EUR/USD has been consolidating sideways in a tight 50 pip range between 1.39-1.3950 for the past 24 hours. For a 12 hours of that, between 12:00 UTC yesterday and 04:00 this morning the pair moved no more than 20 pips in either direction, drifting between 1.3919 and 1.3937. With barely any movement from yesterday, our previous analysis remains the same: short-term, medium and long-term trends are still bullish with 1.40 pulling from above, but we expect any breaks above 1.40 to be sold off at the declining strength resistance.
Weekly
Long-term Trend Analysis Chart
Our Preferred Trades*: We think it prudent to stand aside on this pair today. While we do expect a rally to 1.40 to be sold off we can’t say with any degree of high probability whether that will be 1.40 or 1.4070 as there may be a stop squeeze above 1.40 and it is against the trend.
Yesterday’s EUR/USD SwingPRO Signal Result: No setups triggered yesterday.
Today’s SwingPRO Signal: Short on a support break above 1.40 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.
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