Recap: No trades triggered yesterday to report on. The pair continued to bounce along the underside of our falling resistance (kicking off two proximity alerts / bounce alerts for pro members) but a solid support never formed for us to get short.

The pair is incredibly bearish over the past 30 days, steadily setting lower lows and lower highs to lead the price downward. However with oversold conditions and it being the end of the month (investors taking profit) we are willing to once again try an aggressive long.

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Thu
May 31
05:45CHF Gross Domestic Product (YoY) (1Q)0.7%2.0%%



07:55EUR German May Unemployment Data Released by Federal Labor Agency


07:55EUR German Unemployment Change (MAY)-7K18K

09:00EUR Italian Consumer Price Index - EU Harmonized (MoM) (MAY P)0.1%0.9%

09:00EUR Italian Consumer Price Index - EU Harmonized (YoY) (YoY)3.6%3.7%

12:30USD Gross Domestic Product (Annualized) (1Q S)1.9%2.2%



12:30USD Gross Domestic Product Price Index (1Q S)1.5%1.5%



*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea: The pair is still incredibly bearish at the moment but we will establish a technical long at current price (1.2411 as of 10:12 UTC) with targets at 20/20/20/20 for 80 pips. It's an aggressive trade so we will look to close and get short on a support break and we will also look to move our SL early and often to lock in profit.