Recap: Our short from yesterday was triggered on the 10:18 support break, which closed well below our support so we kept the short open (instead of closing it as a false break). Patience has paid off as the pair is currently 50 pips in the profit and appears to still be bearish. With the weekend fast approaching we will close out at 50 pips profit.

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Fri
May 18
06:00EUR German Producer Prices (YoY) (APR)2.5%3.3%



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Trading Idea: We will not open up any new positions before the weekend, but we are still bearish on the pair as it is in a clear technical downtrend thanks to the bad news re-circulating about the PIIGS (remember them?). If we were in the markets today we would look to for reasons to get short on rallies, bearish candlesticks or support breaks.