I'm still bearish though bulls finally showed some life today, eventually kicking up a bullish doji on the GMT daily charts. That bullish doji doesn't have a great track record of success, however, so I wouldn't be surprised to see the charts ignore it in this downtrend.

1h charts are also showing a triangle consolidation pattern which lends probability to another downward thrust. I will continue to look to sell on rallies.

As always check CandlePro for intraday trading opps and watch out for news events on the forex calendar.


Trading Idea: I'll actually look for a short pretty close to current price action around the 1.2675 resistance area. I don't want it to break too much higher than that or it could break the nice technical downtrend we have going. Short targets from 1.2675 (with confirmation) at 1.2650, 1.2620, 1.2590 and 1.2565 for 110 pips profit.

If it breaks too far above this level I will stand aside and a sustained break below 1.26 opens up 1.25.

Happy pipping!

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Source: Forex Signals - EUR/USD Fear Re-Enters the Markets
Forex signals from: PipHut.com