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 after its massive drop. Still, the leg higher could be only a temporary one. It was traded at 1.0435 at the time of writing. The price dropped as the Dollar Index retreated. DXY’s sell-off could be over soon, but the bias remains bullish.
Technically, the EUR/USD pair found resistance at the daily R1 (1.0440), which now moves in a range pattern. The rate also dropped because the Euro-zone Industrial Production came in better than expected, while the US Prelim UoM Consumer Sentiment dropped from 65.2 to 59.1 points below 64.1 estimates.
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Today, the Eurozone Trade Balance came in at -17.6B versus 2.3B expected, while the German WPI rose by 2.1% versus 4.2% forecasts and 6.9% growth in the previous reporting period.
US Empire State Manufacturing Index -11.6
Earlier, the greenback hit the Empire State Manufacturing Index indicator, which dropped from 24.6 points to -11.6 points, far below 15.3 points forecast. Therefore, from the technical point of view, the EUR/USD pair could develop a new sell-off if it stands under 1.0435 and if it makes a valid breakdown below 1.0414.
3 Free Forex Every Week – Full Technical Analysis
Free forex signals – Sell EUR/USD at 1.0409
Free forex signals entry price and take-profit
Instrument: EUR/USD
Order Type: SELL STOP
Entry price: 1.0409
Stop Loss: 1.0448
TP1: 1.0339
My Risk: 1%
Risk / Reward Ratio: 1:1.8
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