5:26a GMT - I'm glad to hear that everyone likes PipHut's new layout and that the new server is loading faster and more reliably for everyone that responded. Well we did indeed have a nice bounce off of yesterday's support at 1.4725 before the pair rose over 180 pips! A nice trade for those who entered. Personally I did not enter because my system called for a bullish candlestick signal and there was no signal on the 30m, 60m or 4h charts, and for these signals I generally stay conservative.

For today's signal we have found the EUR/USD bouncing between the 38.2 and 61.8% retracements of the October low/highs (at 1.4850 and 1.4700, respectively - see yellow lines on chart below), setting up a good range trade. At this point even though the pair has bounced twice off support in the past few days, my bias is a bit to the downside with the large bearish engulfing candle we had on the weekly charts last week. Taking that into account I will still look to trade both range directions on failures I might be a bit more aggressive near the top of the range.

Trading Idea: Looking to short on failure of 1.4840 or go long on failure of 1.4700. Short targets from 1.4840 at 1.4810, 1.4775, 1.4745 and 1.4705. Long targets from 1.4700 at 1.4730, 1.4765, 1.4810 and 1.4840.

(click to enlarge)
Forex