Recap: We stayed flat yesterday, as promised, though the resistance break would have hit all targets as the pair rose 100 pips after the break.

We are tracking a rising support today after the bullish movement yesterday and, given the overall bearish trend for the past 5 weeks we will look to get short off of a support break. Of course the major threat to the trade is the pair being oversold but we don't yet have enough evidence to call the downtrend over.

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Tue
Jun 5
04:30AUD Reserve Bank of Australia Rate Decision (JUN 5)3.50%3.75%



09:00EUR Euro-Zone Retail Sales (YoY) (APR)-1.1%-0.2%



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

Trading Idea: We will look to get short on a support break with targets at 20/20/25/25 for 90 pips profit.