4:23a GMT - Another day of consolidation with the EURUSD, and signals are mixed again today. The good news is with the pair being so volatile if you bought/sold any highs/lows recently you most likely profited off them as well. Pair was shaken up a little bit yesterday when price shot upward past 1.4550 but the breakout turned out to be false and price quickly fell back down.
Daily Outlook: Lots of big news today and I believe that is part of the reason bulls and bears have been unable to hold any ground: they are waiting on the fundamentals to give some direction. On the docket we have a Euro interest rate discussion (12:45 gmt), USD Core Retail Sales, Retail Sales and Initial Jobless Claims (all at 13:30 gmt). View the Forex Calendar here for more details. Given the tight consolidation recently any report signicantly different than analyst expectations could cause a big movement in the pair so be careful. That aside, the initial trade idea of buying around 1.4400 still holds, however I would also consider selling at 1.4550 with a sell signal as the bulls inability to make any progress in recent days shows they may be running out of steam.
Trading Idea: My primary trade is a long from 1.4400 with targets at 1.4435, 1.4475, 1.4500 and 1.4535. But I will also be looking for short signals in the 1.4550-1.4580 range. I will not be trading around the news.