EUR/USD Daily Analysis: The Euro has failed twice now under 1.3780 though we need a downside break of 1.3685 to call 1.3780 a top – until then it is merely a consolidation period in the midst of the uptrend that began in early February. The first attempt to break .3780 resulted in a highly overbought strength index, meaning any attempt above .3780 will most likely create a bearish divergence.
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Our Preferred Trades*: With that in mind we will get short on a rally above 3780 with bearish confirmation, targeting a drop back down to 3700.
Yesterday’s EUR/USD SwingPRO Signal Result: No SwingPRO trades taken yesterday to report on.
Today’s SwingPRO Signal: No clear S/R lines leave us flat for today.
*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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