Recap: Another slow day in the markets – though plenty of fireworks in the daily discussion area – left on the sidelines as no S/R lines were broken. As we like to say – watching the markets today was as fun as watching paint dry.
Price is now sandwiched between an intraday rising support (bottom blue line) and a short-term falling resistance. We still view the rising support as a bearish consolidation pattern (flag pattern) with the drop from mid-October viewed as the flag pole.
Today’s Important News Events:
|There are no events scheduled.|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: We are bearish on the pair but with both a solid support and resistance we will take a break in either direction today – short on a support break or long on a resistance break with a TP of 80 pips and SL of 50 pips. We will take a max of two positions – one in either direction, closing out and reversing if a break in the opposite direction occurs. We will close out all positions before the weekend hits (you’ll see this blurb a lot in today’s signals).
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