7:06a GMT - No entry for yesterday's signal as the EURUSD continued upward with no real dip toeven consider buying on. Fundamentally we just saw the forex markets get rocked by a report saying that the UK was the country most likely to lose its AAA credit-rating status. Note that the report did NOT say that they WILL lose their rating, just that they COULD. It was enough to move the markets like the best of rate decisions though, pushing the GBP/USD down over 100 pips in 10 minutes (the GBP/JPY lost about170+) and the USD in general gained against almost every other currency.
In the big picture this changes little fundamentally as big money already knew that this was the case. More interesting, I thought, was a report that came out saying that the world's oil reserves are actually much lower and closer to running out than world governments let on.
Technically none of this changed much of anything, except to offer traders like us some good entry points if you happened to be watching the markets or PipHut's twitter page (http://twitter.com/piphut). We had a nice dip on the EUR/USD to support at 1.4950 that I longed for some quick pips back up to 1.5000. The resulting candlestick at that location was a bullish hammer, and I will look to reset a long in the 1.4950 support area.
Trading Idea: Looking for longs in the 1.4930-1.4950 support area with targets at 1.4985, 1.5020 and 1.5045.