Recap: No EU trades were entered yesterday as the pair continued to fall and never broke above it's resistance level to triggered our long.

Our analysis and setups are very similar to yesterday as not a whole lot has changed: the pair is in a nice technical downtrend with consistent lower lows and lower highs. Fundamentally this downtrend has been brought about by the recent Greek political woes and the increased likelihood of a Greek exit from the Eurozone. While this gives the charts a short and medium term bearish outlook, the hourlies are very oversold at the moment and we will take a short-term long on a resistance break.

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Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Tue
May 15
01:30AUD Reserve Bank Board May Minutes




05:30EUR French Consumer Price Index MoM (APR)0.2%0.8%

05:30EUR French Consumer Price Index YoY (APR)2.2%2.3%

06:00EUR German Gross Domestic Product n.s.a. (YoY) (1Q P)0.9%



06:00EUR German Gross Domestic Product s.a. (QoQ) (1Q P)0.1%-0.2%



06:00EUR German Gross Domestic Product w.d.a. (YoY) (1Q P)0.8%



09:00EUR Euro-Zone Gross Domestic Product s.a. (QoQ) (1Q A)-0.2%-0.3%



09:00EUR Euro-Zone Gross Domestic Product s.a. (YoY) (1Q A)-0.2%0.7%



09:00EUR German ZEW Survey (Economic Sentiment) (MAY)1923.4



12:30USD Advance Retail Sales (APR)0.2%0.8%



12:30USD Consumer Price Index Ex Food & Energy (YoY) (APR)2.3%2.3%



12:30USD Consumer Price Index (YoY) (APR)2.4%2.7%



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

No shortage of new today!

Trading Idea: Despite our bearish outlook we will take an aggressive long on a resistance break with targets at 20/20/25/25 for 90 pips profit.

We will look to close and get short on a support break with targets at 20/25/25/25 for 95 pips profit.