Daily Outlook: I view this tight range the past few days as a bullish consolidation pattern on a flag pole, meaning a breakout is more likely to the upside. Though at this point, after 2 days of tight consolidation, a breakout in either direction is likely to produce a large move so I will watch my stops carefully.
Trading Idea: My primary trade remains the same - look for long opportunities in the 1.4400 support area. From here my targets will be 1.4435, 1.4475, 1.4505 and 1.4535. However, given the tight consolidation I believe the initial break below 1.4450 could produce a quick ride down to 1.4400 as well.
Sign up for free forex signals via email here
FAQ on these signals
Forex Candlestick Alerts
Forex Income Calculator
Forex Market Hours