Forex Signals - EURUSD Choppy Price Action

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By PipHut | July 31, 2012 5:42 PM EST

Tuesday PRO Update - Updated help article: New Candlestick Guide - now covers ALL candles that are used in CandlePRO.

Feedback We are still requesting feedback on the newnew PRO dashboard beta! Even if it is just a feature suggestion we want to hear it - that is how we added the "false breakout alert" to the development schedule for this week. Please email with any feedback you have. Here is a list of some upcoming changes, features and articles coming out for PRO members this week:

  • New Candlestick Guide - now covers ALL candles that are used in CandlePRO
  • New PRO Dashboard - will become the default dashboard. PRO members will continue to have access to the old dashboard for their use.
  • False Breakouts - We will add an alert setting for false breakouts to allow traders to more easily exit S/R breaks on false breakouts. These alerts will follow the same Email/SMS alert settings that are available now.
  • Training Articles/Videos - With the launch of the new dashboard we will be coming out with all new training articles, videos and help pages. Stay tuned!

Recap: Our long was triggered on the resistance break at 1:43 UTC this morning, at 1.2271. The trade has gotten up to 15 pips into the profit and is currently hovering around break even.

Price action is choppy currently, with both bears and bulls seeming to lack the conviction to push the pair too far. As usual we will let the charts guide our entries, not our biases, and look to trade the S/R swings.

Today's Important News Events:

Date Time (UTC) Event Forecast Previous
Jul 31
07:55 EUR German July Unemployment Data Released by Federal Labor Agency    
  07:55 EUR German Unemployment Change (JUL) 7K 7K
  09:00 EUR Euro-Zone CPI Estimate (YoY) 2.4% 2.4%
  12:30 USD Personal Consumption Expenditure Core (YoY) (JUN) 1.8% 1.8%
  14:00 USD Consumer Confidence (JUL) 61.5 62
  *To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea:  Our long will remain open from 1.2271 with targets 20/20/20/20 for 80 pips profit.

There is, however, a solid intraday rising support where we will close and get short on a support break with targets at 85 pips.

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