5:25a GMT - Signal is short and sweet today! By the way, I loved the discussion yesterday. Everyone was participating, sharing their trades/ideas, etc. That is what PipHut is all about - you guys! The pair did dive for over 150 pips after yesterday's short signal - unfortunately it never turned up enough to even threaten our entry below 1.5050 so the trade went untriggered.
Daily Outlook: Today we do have CPI news coming out for the USD - which offers us a glimpse into the inflationary pressures in the US. Too much inflation and Fed would be pressured to raise interest rates. Higher interest rates means a stronger USD. So, indirectly, lots of inflation can signal future USD gains (though in the short-term it often means the opposite). That comes out at 8:30a GMT.
Trading Idea: Below 1.5050 I remain short-term bearish as the pair remains in a bearish channel with its longer-term uptrend. I will look for shorting opportunities in the 1.4950 resistance area with targets at 1.4910, 1.4880, 1.4850 and 1.4820. Caution is definitely advised on this trade, however, as signals are mixed at best. Recommend waiting for candlestick confirmation.