Our free forex signals service trade today is a sell order on the EUR/USD pair.
The EUR/USD pair is traded at 1.1303 level at the time of writing and is fighting hard to recover after its massive drop. Still, the rebound could be only a temporary one. The downside pressure remains high, so a deeper drop is still in cards. In the short term, a temporary rebound was natural after the last sell-off.
Earlier, the Eurozone economic figures came in worse than expected which could be bad for the Euro. The Final Services PMI dropped from 53.3 to 53.1 points below 53.3 expected, the French Final Services PMI was reported at 57.0 below 57.1 estimates, while the Italian and Spanish Services PMI dropped unexpectedly lower.
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US ADP Non-Farm Employment Change 405K!
The USD needs strong support from the US economy to be able to extend its appreciation. Later today, the US is to release its ADP Non-Farm Employment Change which is expected at 405K in December versus 534K in November. Also, the FOMC Meeting Minutes represents a high-impact event tonight.
From the technical point of view, a valid breakdown below the ascending pitchfork’s outside sliding line and a new lower low could activate a broader downside movement.
Free forex signals – sell EUR/USD at 1.1269
Free forex signals entry price and takes profit
Instrument: EUR/USD
Order Type: SELL STOP
Entry price: 1.1269
Stop Loss: 1.1353
TP1: 1.1140
My Risk: 1%
Risk / Reward Ratio: 1:1.55
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