Forex Signals - EUR/USD: Long Term Trend Convergence
PipHut | Nov 26, 2013 02:57AM ET
EUR/USD Daily Analysis: The Euro continues to bounce along it’s monthly rising support (trending near support on long-term trend chart below) as it nears it’s long-term falling resistance (dating back to 2008). The convergence of the two trends has left the last two months as a draw, with a nearly 50% bull/bear strength as the uptrend since 2012 stalls.
Our Preferred Trades*: In the short-term, after failing to break 1.35 and establishing a lower high on the 4h charts we are looking to get short on a break below the key swing level of 1.3490, targeting the 1.3430-1.3400 support range (well within the long-term trend convergence).
Yesterday’s EUR/USD SwingPRO Signal Result: No swing trades taken last Friday to report on.
Today’s SwingPRO Signal: Short on a support break 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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