Forex Signal - EUR/USD Mixed Signals Start the Week

By PipHut
02 November 2009 @ 02:05 am EDT

6:26a GMT - Welcome to November! First off if you are wondering why PipHut looks different head over to the "new (and improved) PipHut" post to read up on the changes. Got good pips off Friday's breakout signal as the lower support was pierced and we rode the fall down to profit. This Monday the signals are a little less clear. The pair dropped almost 400 pips last week on weak fundamental news, meaning a lot of drop could have been due to profit taking after EUR/USD rise over the past several months. Technically on the 4-hour chart the pair just bounced off of its support around 1.4700, established support that has held three times this month. On the daily and weekly charts we are still in a clear uptrend though more profit taking could occur and push the EUR/USD lower.

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