6:00a GMT - Entry yesterday was never reached around 1.4950 as the pair continued to consolidate in an ever-tightening triangle consolidation pattern. We did have a few good candlesticks yesterday on the 30m and 1h that yielded good pips if you had your eyes open for them. The triangular consolidation pattern is taking place within the medium-term bear channel, which is taken place within the long-term bull channel. Confused yet? Just another day in the forex markets.
Daily Outlook: In the short-term I will look for range opportunities in the triangular consolidation with a definite leaning towards bearish trades and selling on rallies. I will look for bearish candlesticks to confirm, and look for entries around 1.4950-1.4980 resistance.
Trading Idea: Shorts preferred. From 1.4980 resistance targets are 1.4950, 1.4915, 1.4880.