Trading Signals for EUR/USD on Wednesday, Aug 7 2013

Today it was not much of a movement day. Therefore, I went lazy with my post for the day. The news till now that somehow managed to create some ripples during the day was of the data related to the German Industrial production. It came positive, therefore the market took an U-turn from its bearish journey and within minutes jumped from the low levels of 1.3267 to a high of 1.3324.

The other upcoming announcements for the day include the data concerning the Crude Oil Inventories and the 10 year bond auction. Both of them cannot create much action since their release has both growth and inflationary implications.

So overall the day has been inclined more on the bullish trend. But somehow I am still holding on to my intuitions which tell me that the strong drop in the EUR/USD pair is just about to come.

Everyday I just keep expecting the same but to be frank that day and time has not come yet. The only way to test my hunch is to wait and watch.

I know I can do that, but with me doing nothing is something close to near impossible.

Hence, I have attached a daily chart for the pair which will kind of prove my intuition.

There is not much technicality or any complex indicator, rather 2 straight lines. One connects the highs and the other the lows.

Also, I am not going into details of getting into the use of the Dollar Index as an indicator. But in case you do, it will help.

BTW, the status of my open deals is the same as it was yesterday.
5 open deals, currently in losses.

No, I have no margin to open another Sell entry at 1.3351. But if in any case the market touches till there, it would be nice to open one there.

But I would not, because I cannot.

I will update the outcome of my account tomorrow.

Till then enjoy and take care.

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