Side note: I really like quotes, so I added a spot on your profiles where you can add your favorite quotes. Check out my profile for an example. To change yours go to your profile and click Edit Profile. One of my favorite quotes:

When you enter the markets, you are going into a competitive field in which your evaluations and opinions will be matched against some of the sharpest and toughest minds in the business. You are in a highly specialized industry.. under the intense study by men whose economic survival depends on their best judgement. You will certainly be exposed to advise, suggestions, and offers of help from all sides. Unless you are able to develop some market philosophy of your own, you will not be able to tell the good from the bad, the sound from the unsound. - John Magee

Daily Outlook: It's Friday! I don't normally trade on Fridays and today is no exception. Too many positions covers, weekend jitters etc lower the probabilities of solid technical analysis. For those who wish to trade, I would recommend looking for opportunities to sell as the trend is extremely bearish and has been for awhile now.

There is a good possibility of a bounce today which is yet another reason I'm standing aside. Also, there was a small bullish doji on the 4h charts.

Trading Idea: Primary trade idea would be a short below 1.2590 with targets at 1.2560, 1.2535 and 1.2510 for 80 pips. Confirmation needed and make sure not to stand in front of a freight train. Secondary trade is a short on a sustained break below 1.2500 with targets down to 1.2425. Above 1.2600 look for a re-challenge of 1.2685 and 1.2735. Remember, I am not trading the signal today as Fridays are generally less profitable.

Have a great weekend piphutters!


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Source: Forex Signals - EUR/USD Resting on Strong Support Forex signals from: