Forex Signals - EUR/USD Pullbacks are Hard to Come By

By IBTimes Staff Reporter | August 03 2010 2:57 AM

Daily Outlook: Well all that excitement aside, the Euro continues carving out fresh highs against the greenback. Investors seem more and more willing to take some risk with the Eurozone, or rather they are getting more and more scared of the financial data coming out of the US.

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Either way, as a price action trader the trend is up so I will continue to look for buying opportunities until I have a reason to short. In fact, the trend has been so bullish that as the title of today's signal states pullbacks to buy on have been hard to come by. That is the main reason that I personally have been taking more aggressive buys and buys on breaks of resistance (see yesterday's mini-signal for a good example - buy on break of 1.31)

We have a good short term support at 1.31 I will look for a dip to buy on for the primary trade. As always check the forex calendar to avoid event risk.

Trading Idea: Primary trade is a long from 1.31 with targets at 1.3125, 1.3155, 1.3185 and 1.3215 for 115 pips profit.

A much more aggressive long would be a buy with confirmation at 1.3140 with long targets at 3165, 1.3195 and 1.3225 for 85 pips profit.

Finally a very aggressive long would be a buy on a break of 1.32, but the risk here is the strong resistance around 3230 that could cap any gains tomorrow.

Yesterday Recap: Took long above 1.31 for 80 pips profit.

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Source: Forex Signals - EUR/USD Pullbacks are Hard to Come By Forex signals from: PipHut.com