Daily Outlook: I am still short-term bullish on the EUR/USD as the failure of the rally to sustain itself is a good signal for bears. However, I do believe that we will find buyers a bit lower down (around 1.3500-1.3450) who want to get in on the bullish sentiment. I will look for long opportunities in this area.
Trading Idea: Primary trade is a long in the 1.3450-1.3480 support range, with long targets (from 1.3450) at 1.3480, 1.3510, 1.3540 and 1.3565 (for 115 pips). A more aggressive trade is to short a sustained break of 1.3560 support with a target of 1.3500 (last week's close) for a quick 60 pips.
P.S. We've had a great response to the new Friends features ( sign up if you haven't already). A fun thing to do is to read other people's profiles (click their name and then click Profile). Do they trade live or demo? What are their favorite pairs? What country are they from? You can also search for other members, for example, that are from the same country as you. Or who trade the same pairs as you. Keep exploring and giving me feedback and I will keep adding to it. Happy Pipping!