Forex Signals - EURUSD Bears Have Room

on 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.

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.

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