Recap: Pretty tight day yesterday with the open/close only about 50 pips apart. I stayed out of the EUR/USD (no trades) as there was nothing that really looked worthy of risking my hard-earned equity on the day and no strong signals in either direction. Better to miss out then miss your money!

Daily Outlook: So far the week has been uneventful after the massive gap opening on Monday. To give you an idea, the pair has only moved 24 pips from open to close - for the week! That 24 pips is to the downside as well, meaning the pair is slightly bearish. I am watching one key short-term level though: 1.3600. This was strong support yesterday and if it holds I will remain bullish on the pair in the short-term. But a sustained break will open up 1.3550 and 1.3500.

Trading Idea: I am bullish above 1.3600 with long targets at 1.3625, 1.3650, 1.3675 and1.3700 (for 100 pips profit). I am bearish below 1.3600 with short targets at 1.3570, 1.3540 and1.3510 (for 90 pips profit)


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Source: Forex Signals - EUR/USD Watching Key Level
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