Daily Outlook: Pair is bullish after Friday's fireworks on further US job weakness. The pair jumped 160+ pips in just a few hours on the news - but this wasn't unexpected technically either. Take a look at the daily chart, or even the 4h chart and you'll see a nice gradual uptrend with hardly a bear in site. I will stick with the uptrend and look for buying opps. Currently the pair appears to be consolidating into a bullish flag pattern under 1.33, which signals more potential gains for the Euro.


As always check the free candlestick alerts (or CandlePro if you have a seat!) for intraday trading opps and watch out for news events on the forex calendar.

Trading Idea: Primary trade will be conservative: long in the vicinity of 1.3215 support, with targets at 1.3240, 1.3270, 1.33 and 1.3330 for 115 pips profit.

A much more aggressive long  with a decent reward/risk ratio would a long on a failure to close below 1.3260 with long targets at 1.3290, 1.3320 and 1.3350 for 90 pips profit.

Recap: It's always a matter of details as usual. If you took the aggressive primary trade (I listed all trades Friday as aggressive) then you shorted the 04:00 4h candle on the failure of 1.3200 again. That trade would have hitten our first TP at 1.3175 gotten you about 40+ pips in the profit in total before skyrocketing upward the next 4h candle. For CP users that UJ bearish candlestick I pointed out at the bottom of Friday's post would have gotten you about 80 pips in the profit before the weekend.

Sign up for free forex signals via email here
FAQ on these signals

Forex Candlestick Alerts

Forex Income Calculator

Forex Market Hours

Forex Forums

Source: Forex Signals - EUR/USD Bullish Flag Pattern
Forex signals from: PipHut.com