Recap: Despite quickly jumping 20 pips into the profit we took a 40 pip loss on our short yesterday as bulls rallied back after the false break of our rising support.


Today's Important News Events:

DateTime (UTC)EventForecastPrevious
Jun 7
01:30AUD Employment Change (MAY)0.0K7.0K

01:30AUD Unemployment Rate (MAY)5.1%5.0%

11:00GBP BOE Asset Purchase Target (JUN)325B325B

11:00GBP Bank of England Rate Decision (JUN 7)0.50%0.50%

14:00Federal Reserve Chairman Ben Bernanke Testimony to US Congress

23:50JPY Gross Domestic Product Annualized (1Q F)4.5%4.1%

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

Trading Idea: Given the recent bullish strength (on the back of Germany's new found willingness to once again fund debt) we are adding a long as our primary setup: we will look to get long on a resistance break with targets at 20/20/20/25 for 85 pips profit. We will also look to short a support break, moving our SL early and often to minimize the false breakout risk.