Recap: Our long was triggered on the 13:51 UTC resistance break at 1.2483.. unfortunately we closed it out at 1.2471 for a 12 pip loss after our entry candle closed in the negative (false break). While we can't say that we are "happy" that we missed out on the pips (all targets would have been hit for 80 pips), our "false break" trading rule 9 times out of 100 keeps us from losses so we are always happy to abide by it.The pair is consolidating in a continuation pattern at the moment, and since the initial thrust of that pattern is bullish then that means more gains for the bulls.There are no solid S/R break lines to trade at the moment (we are ignoring the support due to the continuation pattern) and will stay flat for the day in EU..
Today's Important News Events:
EUR German Gross Domestic Product n.s.a. (YoY) (2Q F)
EUR German Gross Domestic Product s.a. (QoQ) (2Q F)
EUR German Gross Domestic Product w.d.a. (YoY) (2Q F)
AUD Stevens testifies to House Economic Committee
*To see a more extensive list of news events (not just those we consider important), visit our Forex Calendar.
Trading Idea: We are flat for the day in our swing trading though we anticipate more bullish gains.