Today, our free forex signals service trade is a sell order in EUR/USD. The price will go down if the USD pauses correction and resumes upside.
The EUR/USD pair moves sideways in the short term. However, the pair managed to rebound as the Dollar Index retreated. Still, the bias remains bearish as it may drop anytime as DXY remains bullish despite temporary retreats.
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Technically, the pair reached a resistance area. False breakouts may signal a new sell-off. The Italian Industrial Production came in better than expected, registering a 0.0% growth versus a 1.4% drop expected.
Later, the Eurozone ZEW Economic Sentiment could be reported at -42.0 points, while the German ZEW Economic Sentiment is expected at -43.0. In addition, the US NFIB Small Business Index and the IBD/TIPP Economic Optimism will be released as well.
US Inflation figures
Tomorrow, the US will release its Consumer Price Index and the Core CPI. These are seen as high-impact indicators. As a result, the volatility could likely be high, and the EUR/USD pair could register sharp movements in both directions.
From the technical point of view, failing to stabilize above the upper median line (UML) of the major descending pitchfork followed by a valid breakdown below the daily pivot point of 1.0550 could signal a new sell-off.
3 Free Forex Every Week – Full Technical Analysis
Free forex signals – Sell EUR/USD at 1.0544
Free forex signals entry price and take-profit
Instrument: EUR/USD
Order Type: SELL STOP
Entry price: 1.0544
Stop Loss: 1.0605
TP1: 1.0452
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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