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.
Today's Important News Events:
|04:30||AUD Reserve Bank of Australia Rate Decision (JUN 5)||3.50%||3.75%|
|09:00||EUR 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.