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Forex Signals: EUR/USD - The Force Is Strong In 1.3050

ByPipHut
Published 06/26/2013, 06:35 AM
Updated 07/09/2023, 06:31 AM
EUR/USD
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NWSA
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Yesterday’s EUR/USD Signal Result:

Our short was triggered yesterday on the break of our rising support. We rode that short down for a few hours before we ultimately closed it a few minutes ago (PRO alerts were sent out!) for a 30.9 pip gain. Nothing to write home about, but a win is a win in these markets. It is important to remember that you have to trust your system for the system to work – one of the biggest problem new traders face in the markets is that after a few losses they lose trust in their system and begin tweaking their system (adding an indicator or two to the chart, for example) to avoid that loss in the future. The problem is that after enough tweaking you lose sight of the advantage your system had in the first place.

Today’s Signal: Enough ranting. We remain bearish in the short-term but the pair has stalled for the second time above 1.3050 and we closed our short in response as the charts are now mixed in the short-term. We expect a break below 1.3050 to open up the 1.2950-1.30 support belt, but that break is prone to long wicks and false breaks so we will stay flat for now. If a solid rising support does form we will get short on a support break with a TP of 80 and a SL of 50.

There is also an aggressive falling resistance worth mentioning, found by connecting the 6/20, 6/21 and 6/25 highs. We will pass on the trade as the charts are still bearish, but a break of that resistance opens up a run at 1.3250 in the medium-term.
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