Forex Signals - EURUSD Bears Have Room

By IBTimes Staff Reporter | August 24 2012 8:14 AM

Recap: No EU trades taken yesterday to report on. A support break did just recently occur (see bottom blue line on chart above), signalling a bearish correction is in the works - at least for the short-term.

Sponsorship Link

A glance at the daily charts reminds us that the overall trend has been bearish since March of 2012, with this recent bullish correction starting in mid-July. Given that information it appears that this bearish correction could have room to run, at least down to 2350 in the short term.

That said we will continue following our swing system and we will look to get long on a falling resistance break (top blue line) with targets at 80 pips

Today's Important News Events:

Date Time (UTC) Event Forecast Previous

Fri Aug 24

JPY Cabinet Office Monthly Economic Report

08:30
GBP Gross Domestic Product (QoQ) (2Q P)
-0.5%
-0.7%

08:30
GBP Gross Domestic Product (YoY) (2Q P)
-0.6%
-0.8%

12:30
USD Durable Goods Orders (JUL)
2.5%
1.3%

*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea: Long on a resistance break with targets at 80 pips profit.

[UPDATE] India's Central Bank, Weighed Down By Weak Rupee, Widening Current Account Deficit, Keeps Rates Unchanged Monday

[UPDATE] India's Central Bank, Weighed Down By Weak Rupee, Widening Current Account Deficit, Keeps Rates Unchanged Monday

Daily Summary on USD, EUR, JPY, GBP, AUD, CAD and NZD

Euro Expected to Weaken Over the Next Few Months

Asian Stocks Tumble, Japan’s Nikkei Enters Bear Market Territory

Asian Stocks Tumble, Japan’s Nikkei Enters Bear Market Territory

In Depth

Tesla Will Unveil On Thursday Its Long-Rumored Battery Swap Technology For The Model S, An Attempt To Quell Concerns Over Electric Vehicle Range

Tesla Will Present Its Battery-Swap System This Week

Superman As Hindu God? Another East-West Culture Clash

Superman As Hindu God? Another East-West Culture Clash

The Four Times NSA Surveillance Programs Stopped An Attack

The 4 Times NSA Says Surveillance Stopped Attacks

More Than Half Of Small Businesses Don't Apply Proper iOS Security To Prevent Apple Device Intrusion: Report

Unsecured iPhones Could Leak Small Businesses' Data

web counter