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Daily Outlook: Great trading day yesterday as nearly all pairs cooperated nicely for solid pips all around. For EU whether you waited for a breakout or took the candlestick signals you found yourself riding a nice wave down with a total drop of 150 pips on the day. We mentioned during yesterday's post that there were two rock solid 4h CandlePRO signals already in play which gave us a bearish tint, and then we got another great 1h signal to confirm our entry:
(click to enalarge)
With the rising trend support we had been trading to the upside now broken to the downside (see chart below) we anticipate more EU losses to at least 1.4200 (previous rising trend support) where the pair will probably bounce again. In short, we are bearish and looking for opportunities to get short. Where exactly we get short will depend on the candlesticks but key resistance levels we are watching are: 1.4400, 1.4430 and 1.4450.
(click to enlarge)
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Trading Idea: Primary trade is the most conservative - a short around 1.4450 (on a rally) with targets at 4425, 4400, 4370 and 4340 for 110 pips.
We will also be watching for a more aggressive short (thanks @duduman for the correction) in the vicinity of 1.4370-1.4400 with good candlestick confirmation with targets (from 1.4380) at 4355, 4325, 4300 and 4275.
CandlePRO did just kick off some strong bullish 4h candlesticks so we are not looking to get short at current levels (1.4350) and there is an opportunity for an aggressive long but we will pass thanks to the bearish break.
Happy pipping :).
