Recap: Our swing short performed perfectly as the support break preceded the drop. Our short from 2967 is currently 51 pips in the profit and we are going to close out here and wait to re-enter.
We are still bearish on the pair after the support break; add to that the fundamental uncertainty surrounding Greek, Egypt, etc. and the technical fortitude of 1.30 looming north of current price and there is still plenty of pressure in the bear’s cooker.
Today’s Important News Events:
|13:00||EUR German Consumer Price Index (YoY) (NOV P)||1.9%||2.0%|
|13:00||EUR German Consumer Price Index – EU Harmonised (YoY) (NOV P)||2.0%||2.1%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: If another support or resistance forms and breaks we will get short on the pair with a TP of 80 and a SL of 50 – otherwise we will stay flat for the day and wait for a more solid S/R to appear.
For more forex info, go to PipHut