Yesterday’s EUR/USD Signal Result: Lots of volatility yesterday as most of our forecasts were right on the money, unfortunately without clear S/R lines to trade (and the ones we did have didn’t break) we were left on the sidelines for the day.
That includes EU, which saw some extreme volatility in the 12:00 candle as bears allowed a short squeeze before thrusting back down to 1.2850 – where we currently sit.
Our Trade: EU has a very mixed daily trend, with the pair more or less moving sideways since September of 2012 when the pair was at the exact same price levels. This giant range peaked under 1.37 in February of this year and has the look of an awkward head and shoulders pattern. A sustained break below 1.2750 could open up a flood of bearish activity until the next major support around 1.25.
If a solid support forms and breaks today we will look to ride that bearish sentiment down with a TP of 80 and a SL of 50.
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EUR/USD: Is 1.25 Next?
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