4:47a GMT - Price did indeed drop like a rock yesterday from the 1.4450 area - unfortunately it never got that high after my signal so there was no entry on my part. The pair has fallen almost 150 pips to the 1.4300 support, where it is currently struggling to break through. The pair has zig-zagged all week, a fairly normal level of volatility given that this is the first week of the new year and traders and investors are just re-entering the markets. Like a bunch of people jumping into a pool at the same time the waters could get choppy ;).
Daily Outlook: No shortage of news today: sales, retail, employment, payrolls - you name it we have some of it tomorrow. For a full list you can view the calendar here. Given the volatility we've had this week, the multitude of event risks on the calendar and the fact that it is a Friday and the markets are coming to a close I will stay away from the EURUSD today. That being said, I am still bearish on the EURUSD and would look in the 1.4375-1.4400 area for a shorting opportunity if I were in the market today.
Trading Idea: Again, I am out of the EURUSD for reasons listed above. But if I were in I'd be looking below 1.4400 as a selling zone with targets at 1.4375, 1.4350 and 1.4310.