EUR/USD Signal Update
Yesterday’s signal expired without being triggered.
Today’s EUR/USD Signals
No signal is given today.
EUR/USD Analysis
Yesterday saw a further fall to a fresh new low, even in the absence of any high-impact news. We have reached prices that have not been seen since July last year. In fact, we are not very far from the 2013 low, the double bottom at around 1.2750.
Yesterday’s fall was due more to the strength of USD than any weakness in EUR which in fact found some support against the JPY.
Unfortunately we are now stuck in a very wide area where there are few key levels due to eh recent runaway market. We are very likely to find some kind of support, quite probably major support, at 1.2750 below. However I do not see any key resistance above us before 1.3000. As the price is almost certain not get close to either of those levels today, I don’t see any safe places at which to look for entry.
It is very hard to say what will happen next, except it seems that we will begin to consolidate soon, possibly even starting today. If you have good long profits, this could be a great point to at least begin taking them in. The closer we get to 1.2750, the more profit taking we will see, so it might be a good idea to get ahead of the curve a little.
There are no high-impact data releases scheduled today concerning either the EUR or the USD. Therefore it should be a quiet day today.