Our free forex signals service trade today is a sell order on the EUR/USD pair.
The EUR/USD pair maintains a bearish bias, so further growth is somehow expected. Still, we’ll have to wait for a great selling opportunity before considering going short on this pair. The price action signalled that the short term rebound is over and that the sellers could take the lead again.
Technically, the price action signalled that the buyers are exhausted and that the bears could take the lead soon.
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ZEW Economic Sentiment
Fundamentally, the Euro has taken a hit from the Eurozone ZEW Economic Sentiment which was reported at 21.0 points far below 27.9 points expected and after 31.1 points in the previous reporting period. In addition, the German ZEW Economic Sentiment dropped from 26.5 to 22.3 points below 23.7 expected.
The US JOLTS Job Openings indicator is expected at 10.95M in August above 10.93M in July. Still, maybe the traders await for the US inflation data and for the FOMC Meeting Minutes report before taking action.
The EUR/USD registered false breakouts with great separation above the descending pitchfork’s median line (ML) and above the weekly pivot point (1.1579) announcing strong selling pressure. It has dropped below the ascending pitchfork’s lower median line (lml). Stabilizing below this downside obstacle may signal a new leg down.
Free forex signals – SELL EUR/USD at 1.1545
Free forex signals entry price and take profit
Instrument: EUR/USD
Order Type: SELL STOP
Entry price: 1.1545
Stop Loss: 1.1587
TP1: 1.1494
My Risk: 1%
Risk / Reward Ratio: 1:1.2
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