7:10a GMT - I've got some exciting additions to PipHut to announce - I was going to just tack them on to the bottom of this signal but thought they were exciting enough to warrant a second post so keep your eyes open for a another post a few minutes after this one.

Yesterday we did indeed get a nice bounce off of the channel resistance and I went short after a bearish engulfing on the 15:00 1h charts (with an entry at 1.4980). Took half the profits at 1.4950 and covered the rest at 1.4915.

Daily Outlook: As you can see from the 4-hour chart below we have dropped back into the middle of the short-term bearish channel (which is still in the middle of a longer-term bull channel). I am still net bearish as long as this short-term bear channel is intact and 1.5050 remains to cap any gains. Also, make sure to mind the news events today. A few big events that could make staying out of the markets the best choice at certain times.

Trading Idea: I wouldn't buy or sell in the middle of this channel as a proper risk/reward would be hard to obtain, so I will wait for a rise to 1.4990 for another shorting opportunity with short targets at 1.4950, 1.4915 and 1.4880.

(click to enlarge)

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Forex Signals - EUR/USD Remains in Bear Channel is a post from: PipHut.com