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.
If the outlook sounds mixed that is because it is - but because we have such a strong uptrend on the daily chart and because the pair just bounced off of 1.4700 support (the 61.8% fibonacci retracement of October high/low) for the third time in the past month we will look to steal some pips on the upside bounce.
Trading Idea: Looking to buy dips at support levels above 1.4670. Support at 1.4700 and 1.4725 may offer opportunities. Candlesticks will be important to confirm the trade. Long targets at 1.4755, 1.4790 and 1.4830.
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Forex Signal - EUR/USD Mixed Signals Start the Week is a post from: PipHut.com