Daily Outlook: It's been a great week PipHutters, on top of yesterday's 100 pip drop after the break of 3660 rising trend support (secondary trade). It was a clean skip of the primary trade too: there was never any candlestick confirmation to go long on the 30m, 1h or 4h charts. In fact CP started kicking up bearish candlesticks on the 30m just before the drop, at 6:30, and then more at 7:00, 8:00 and 8:30.

width=550

Smart money is on further losses heading into the weekend, just given the bearish technicals and support breaks we've been having, but seeing as how it is Friday we will stay on the sidelines until Monday. That and there really aren't too many high probability setups that we are seeing. The EUR/USD is bearish but it is also oversold on the hourlies and in need of correction. That correction could come in the form of a retracement to 1.3680 (falling trend resistance) and is the only conservative trade that we can see in the near term (short from 3680 with confirmation). Support is at 1.3500 3470.

Again, just to reiterate: we are flat today. It is Friday (thin markets) and the setups just don't look that good. Have a great weekend all!

As always PRO users have access to CandlePRO signals throughout the day, and have access to analysis/trading ideas for 4 other major pairs! Take the PRO tour here