Forex Signals – EUR/USD Bulls Push into the Weekend
Recap: End of the week PipHutters. I didn’t trade EUR/USD much this week per the PipHut strategy as the setups just weren’t appealing enough, but my trading with other pairs was fantastic. Yesterday was a great trading day for myself personally, and the best part was that both the first and last trades were initiated via candlestick signals. First was the GBP/USD long that I alerted everyone to in yesterday’s comments (Congrats to all who got in): an had developed on the daily charts. I checked the of that pattern, it panned out and netted me a quick 130+ pips. About 10 trades later (only a couple of which were losses) and the I got another daily candlestick on the AUD/USD. Again I checked the which looked good and the trade is currently +40 per lot. Add up all the trades in between and it was a good day 
.
My only other current open trade is a short on EUR/CHF.
Daily Outlook: It is Friday, of course, so I will be watching from the sidelines but the the charts have some interesting setups to watch today. First up the EUR/USD broke to the upside of it bullish channel resistance yesterday – which it had been trailing under for days – and is currently consolidating above 1.2900. Of course I am long-term bearish on the pair but for the short-term the trend is extremely bullish so if you are day trading then I would continue looking for opportunities to buy on dips and consolidations. The two major technical threats are: 1) return to the longer-term bear trend and 2) overbought levels leading to a short-term bearish correction before continuing to 1.31.
Trading Idea: With the short-term trend to the upside the primary strategy revolves around looking for opportunities to go long on a pullback to 1.2800 area – where the former channel resistance (now support is). Targets from 1.2800 are 1.2825, 1.2855, 1.2885 and 1.2915 for 115 pips profit.
A more conservative trade is to wait for a pullback even further to the 1.2680 support zone with targets back up to 1.2900 for over 200 pips TP.
Finally the most aggressive trade would be to look for a long in the 1.2875 area which shows some support on the 1h charts for another stab at the 1.2950 resistance.
Happy pipping and have a great weekend! I’ll have a premium update for you on Monday!
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