Recap: Our long was triggered on the support proximity alert at 2485 (20:08 UTC) which quickly dropped 35 pips against us - but not enough to trigger our 50 pip SL. The price has been slowly climbing since then and has gotten up to 20 pips in the profit. With the pair consolidating at current levels and with no clear direction we are going to close out at current price for 0 pips.

We are still bearish on the pair as risk aversion once again is the flavor of the day. Technically the pair is still in a bearish flag consolidation pattern on the daily charts and the latest support break is a sign that bears are still in control.


Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Jun 12
14:00GBP NIESR Gross Domestic Product Estimate (MAY)

15:00EUR ECB Releases Financial Stability Review

*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.

Trading Idea: We are going to get short on a support break when a better support line forms (we expect one in a few hours - PRO members will be emails when the support breaks). Short targets at 20/20/25/25 for 90 pips.