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Recap: Again not much happening yesterday with the EUR/USD. I know some of you took my aggressive trade update (sell @ 1.20) and profited off of it, but I personally stayed flat. I have much preferred to sell some of the Euro crosses recently such as EUR/CHF and EUR/GBP.

Daily Outlook: Let me make sure my copy/paste function is working here: It's bearish! We do have a bit of a triangle consolidation pattern forming on the charts (see orange lines on my chart below). Fundamental news coming out of Europe remains horrible. Every rumor about a country leaving the Union or another country defaulting on debt sends shivers through the investing community and sends the USD and Gold up as safe-haven trades.

I will continue to look for selling opportunities.

Trading Idea: Primary trade is, surprise surprise, a short in the vicinity of 1.2050-1.2080 though the pair has really be struggling to stay up so we'll see if it gets up there. Short targets at 1.2050, 1.2020, 1.1990 and 1.1960 for 120 pips profit. Two aggressive trades I will be watching: short at 1.2010 and short on a downward sustained break of the rising trend support (bottom orange line).

Happy pipping!

Forex

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Source: Forex Signals - EUR/USD Pair Continues Doing Nothing Forex signals from: PipHut.com