Recap: No EU trades taken yesterday to report on. A support break did just recently occur (see bottom blue line on chart above), signalling a bearish correction is in the works - at least for the short-term.
A glance at the daily charts reminds us that the overall trend has been bearish since March of 2012, with this recent bullish correction starting in mid-July. Given that information it appears that this bearish correction could have room to run, at least down to 2350 in the short term.
That said we will continue following our swing system and we will look to get long on a falling resistance break (top blue line) with targets at 80 pips
Today's Important News Events:
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|JPY Cabinet Office Monthly Economic Report|
|08:30||GBP Gross Domestic Product (QoQ) (2Q P)||-0.5%||-0.7%|
|08:30||GBP Gross Domestic Product (YoY) (2Q P)||-0.6%||-0.8%|
|12:30||USD Durable Goods Orders (JUL)||2.5%||1.3%|
|*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.|
Trading Idea: Long on a resistance break with targets at 80 pips profit.