Today, our free forex signals service trade is a sell order in EUR/USD. If the USD resumes its rally after a minor correction, the price will go down.
The EUR/USD pair rebounded in the short term, but this could be over soon if the Dollar Index jumps higher. It was trading at 1.0405 at the time of writing, below yesterday’s high of 1.0419.
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The price action developed a flag pattern. This formation represents a bearish continuation pattern.
After its massive drop, a temporary rebound was expected in the short term. The bounce-back could help the sellers to catch a new bearish wave at higher prices. However, the greenback was expected to depreciate versus its rivals as the Unemployment Claims jumped from 202K to 203K in the last week, even though the traders expected a potential drop to 190K. At the same time, the Core PPI registered only a 0.4% growth versus the 0.6% expected. Earlier, the Euro-zone Industrial Production dropped by 1.8% less than the expected 2.1% drop.
US Prelim UoM Consumer Sentiment 64.1 expected.
Today, the US is to release its Prelim UoM Consumer Sentiment and the Prelim UoM Inflation Expectations. Better than expected, US economic figures could help the USD to take full control again.
From the technical point of view, the bias remains bearish as long as it stays under the downtrend line. However, a valid breakdown from the current channel, a new lower low could activate a deeper drop.
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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: 1.0380
Stop Loss: 1.0439
TP1: 1.0291
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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